The Financial Services Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. It may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, the existence of a Focused Resolution Agreement (FRA) and other actions such as referrals to the Upper Tribunal. Focused resolution agreements (FRAs) provide subjects of enforcement action by the Financial Conduct Authority (FCA) the ability to partly contest a case against them. An FRA is a middle ground between agreement in full by way of settlement with the regulator and defending an action in full before the FCA’s Regulatory Decisions Committee (RDC). FRAs are used to narrow the issues in an enforcement action in order to streamline the FCA’s enforcement process, with the RDC determining the action to be taken on the contested element of the case. This Practice Note provides an overview of the process for entering into an FRA with the FCA, the discounts to penalty which apply

The Financial Services Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as referrals to the Upper Tribunal. It can also be filtered by decision-maker. The Regulatory Decisions Committee (RDC) is the Financial Conduct Authority’s (FCA) principal decision-maker for contested enforcement cases. The RDC operates independently from FCA investigation teams and is responsible for decisions relating to warning notices and decision notices (and only occasionally supervisory notices where associated with enforcement action) in cases involving disciplinary or similar sanctions, including financial penalties, prohibition orders, suspensions, restrictions and public censures. This Practice Note focuses on RDC procedure and practice, including representations, third-party rights, publicity and the interaction between the RDC, Executive Procedures and settlement procedures. It should be read alongside the relevant provisions of the Financial Services and Markets Act 2000 (FSMA 2000), DEPP and the FCA’s Enforcement

This Practice Note explains the legal and procedural significance of the Financial Conduct Authority’s (FCA) appointment of investigators under section 165 of the Financial Services and Markets Act 2000 (FSMA 2000). It examines the statutory bases for appointment, including the distinction between general and specific investigations, the scope and notice of an appointment and the immediate legal consequences that follow. It also considers the relevance of limitation periods and the interaction with criminal and dual-track investigations. The Practice Note also explains how the appointment of investigators marks the formal commencement of an enforcement investigation by the FCA’s Enforcement and Market Oversight division (Enforcement) and how it connects to subsequent stages of the FCA’s enforcement process. Key points • the appointment of investigators is the first formal step in an FCA enforcement investigation and triggers the FCA’s formal investigatory powers • the FCA may appoint investigators under FSMA 2000, ss 167, 168 or 169 depending on the nature of the suspected conduct • the FCA may rely on more than one statutory provision or extend the

The Lexis+® UK Financial Services FCA/PRA Enforcement Database: incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. In addition to allowing users to filter by specific rule breach or legislative breach, the users can apply multiple filters, including sector, keywords, and outcomes such as public censures, prohibitions and Upper Tribunal judgments.  The Database further includes detailed financial penalty analysis in order that searches may filtered by factors such as seriousness, aggravating and mitigating factors and financial hardship. All relevant details of the particular case are in the Database together with the Final Notice/Decision Notice, related notices and FCA/PRA press releases. Forthcoming change: CP26/19 The FCA has consulted on targeted amendments to its Decision Procedure and Penalties Manual (DEPP) in consultation paper CP26/19: Changes to our penalty and decision-making policies. Resulting policy changes will impact this Practice Note. This Practice Note addresses: • the statutory basis under which the Financial Conduct Authority (FCA) may impose a financial penalty on a firm or an individual

This Practice Note examines the powers of the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England (BoE) to apply to the High Court for injunctive relief under section 380 of Financial Services and Markets Act 2000 (FSMA 2000). In the case of the FCA, it also considers applications for injunctive relief in relation to market abuse under section 381, including applications made alongside requests for administrative sanctions under section 129. The Practice Note further addresses the FCA’s powers to seek asset-freezing injunctions under sections 380 and 381 and under the court’s inherent jurisdiction, as well as its powers to apply for injunctions under the Consumer Rights Act 2015 (CRA 2015). It reflects updates to the FCA’s Enforcement Guide (ENFG), which replaced the previous Enforcement Guide (EG) for investigations opened on or after 3 June 2025, and cross-refers to relevant legacy guidance in EG 10 for earlier investigations. it explains how the FCA exercises these powers, provides examples and considers relevant case law. Unless otherwise indicated, statutory references to sections in this

FCA investigations may be made public in a variety of ways. The FCA has discretion to announce the fact of an investigation into a firm in limited circumstances; it will not generally announce the fact of an investigation into an individual. The FCA may also, in appropriate cases, name a firm at the investigation stage, eg before any conclusions on misconduct have been reached, where for example there are consumer protection considerations. FCA enforcement action involves a number of statutory processes with associated publicity risks, such as the potential publication at warning notice stage and publication of decision and final notices. This Practice Note considers: • the FCA publicity policy for investigations under its Enforcement Guide (ENFG), updated in 2025, and relevant case law • the FCA’s approach to: ◦ announcing the fact of an investigation into a named subject ◦ issuing an anonymised announcement of the fact of an investigation ◦ reactive confirmation of an investigation made public and publicity of enforcement investigations other than by the FCA ◦ publicity of investigations

This Practice Note addresses: • the FCA’s approach to the settlement of enforcement action under its Enforcement Guide • the benefits of early settlement for the FCA, firms and individuals • the FCA’s settlement decision procedure under chapter 5 of its Decision Procedure and Penalties Manual (DEPP) (DEPP 5) • the FCA’s Settlement Discount Scheme pursuant to DEPP 6.7 • the FCA’s Settlement Decision Makers • the status of settlement and issues around publicity, and • settlement in practice • the FCA’s Settlement Discount Scheme which existed prior to 2017 but remains relevant where breaches occurred before March 2017 Settlement of FCA enforcement cases—overview A significant number of the FCA’s enforcement actions are resolved through settlement. A settlement with the FCA differs fundamentally to an out-of-court settlement in a commercial dispute, where two litigants negotiate and agree on a mutually acceptable resolution. In contrast, an FCA settlement is a regulatory decision made by the FCA, the terms of which are accepted by the firm or individual concerned. Further, except in exceptional circumstances, FCA settlements result

Law360, London: The Financial Conduct Authority's (FCA)’s inaugural Enforcement Watch newsletter, published on 28 January 2026, provides welcome insight into the FCA’s current enforcement activity and emerging priorities. David Hamilton, partner at Howard Kennedy LLP, has contributed towards this analysis.

The Financial Services Enforcement Database incorporates detailed information on all substantive FCA and PRA Final Notices and, where available, Decision Notices from 2014 onwards. The Database may be searched and filtered by rule breach, keyword, sector, date, seriousness, aggravating and mitigating factors, financial penalty, and other actions such as referrals to the Upper Tribunal. This Practice Note describes the Financial Conduct Authority (FCA)’s process for contested enforcement actions brought against firms and individuals (as opposed to action subject to the FCA’s Executive Procedures process), including the issuing of Warning, Decision and Final Notices on recommendation of the Regulatory Decisions Committee (RDC); the possibility of discontinuance or settlement; and references to the Upper Tribunal (Tax and Chancery Chamber) (Upper Tribunal). Once the FCA investigators have: • completed their investigation • decided that enforcement action is appropriate • produced their case papers to the RDC, and • the RDC has agreed that the matter should be referred to enforcement action the formal enforcement process begins. For the remit of the RDC as the FCA’s decision-maker

Law360, Expert analysis: From accelerating investigations to reinforcing cultural standards and transparency, the Financial Conduct Authority (FCA) signaled a clear intent in 2025 that is likely to continue in 2026: fewer investigations, faster resolutions and a continuing focus on combating financial crime. Imogen Makin,counsel and Katy O'Connor an associate, both at WilmerHale provide insight into the FCA's evolving enforcement approach.

The Financial Conduct Authority (FCA) has published an engagement paper to gather feedback on future approaches to contactless payment limits, considering whether removing or increasing the £100 contactless payment limit could be beneficial for families and businesses. The paper examines current regulatory limits on the value and number of contactless payments before authentication is required and explores options to provide greater choice, flexibility and smoother transactions to payment service providers (PSPs), consumers, and businesses while mitigating fraud risks. It highlights the benefits of contactless payments, such as faster transactions, shorter queues, and increased sales, while acknowledging the associated fraud risks. The paper also considers the evolving payments landscape, including the rise of digital wallets and the impact of inflation on spending. Responses are sought by 9 May 2025.

The Financial Conduct Authority (FCA) has announced the establishment of an insolvency practitioner panel to support the effective management of insolvencies involving authorised firms. The panel consists of practitioners from 20 firms and may be used by the FCA when applying to court to appoint an insolvency practitioner over a regulated firm or replace an existing practitioner. It will also serve as a reference point for regulated firms seeking specialist insolvency advice or considering insolvency appointments. The panel is intended to support the FCA’s ability to act quickly and effectively when an authorised firm becomes insolvent, helping to protect consumers and uphold the integrity of the UK financial system. The panel will be in place for a term of four years.