Law360: Financial services firms falling short of regulatory standards were hit with £52.8m in fines from the Financial Conduct Authority (FCA) in 2023, according to details published by the regulator amid changes to its consumer protection regime.

The Financial Conduct Authority (FCA) has published CP24/18: Quarterly Consultation Paper No. 45, which proposes a change to the definition of ‘firm’ to clarify that designated co-ordination bodies fall within the remit of the Enforcement Guide and Decision Procedure and Penalties Manual; and a change to allow a non-UCITS retail scheme to be exposed to long-term asset funds without the constraints of the second scheme rules. Responses are sought by 11 October 2024.

The Financial Conduct Authority (FCA) has issued a Decision Notice proposing to prohibit Daniel Thomas from working in financial services and impose a £742,700 financial penalty under sections 56 and 66 of the Financial Services and Markets Act 2000. Thomas, a director at DPT Financial Solutions Limited—an appointed representative of Quilter Financial Services Ltd was found to have advised 53 clients on 63 defined benefit pension transfers over five years without the requisite qualifications or permissions, earning over £173,000 in fees. It was also determined that he provided misleading information to his principal firm, misled clients and pension providers regarding his qualifications, destroyed client records, and failed to cooperate with the FCA’s investigation. Thomas has referred the Decision Notice to the Upper Tribunal; all findings therefore remain provisional.

The Financial Conduct Authority (FCA) has issued a Final Notice to Ashraf Wealth Management Ltd (AWML), following the Upper Tribunal’s judgment in favour of the FCA refusing AWML’s application for Part 4A permission to carry on certain regulated activities.

The Financial Conduct Authority (FCA) has published a Private Intermittent Securities and Capital Exchange System (PISCES) Approval Notice (PAN) to London Stock Exchange (LSE) Plc (RIE – FRN 207386). This approval allows the Exchange to operate a PISCES within the regulatory sandbox framework established under the Financial Services and Markets Act 2023 (FSMA 2023) and Regulation 10 of The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (the 2025 regulations). The platform may host intermittent trading events for securities of eligible private companies under modified regulatory conditions.

The Financial Conduct Authority (FCA) has issued the Primary Market Bulletin 54. The bulletin highlights an increase in deliberate leaks of material information on live M&A transactions to the press, which often constitutes inside information under article 7 of the UK Market Abuse Regulation (UK MAR). It emphasises the prohibition of unlawful disclosure and the FCA's enforcement capabilities. The bulletin reiterates the importance of adhering to the FCA’s Code of Conduct Rules and the responsibilities of issuers and advisers in preventing leaks. Additionally, the bulletin noted the publication of Policy Statement PS24/19, which includes new metadata requirements for issuers, effective from 3 November 2025. The March quarterly consultation paper CP25/4 proposed an amendment to UKLR 11.5.5R to exclude related parties from voting on shareholder resolutions, with the consultation period ending on 14 April 2025.

The Financial Conduct Authority (FCA) has issued Primary Market Bulletin 56. The bulletin outlines the FCA’s use of transaction and position data to monitor compliance with reporting obligations under the UK Market Abuse Regulation (UK MAR), including directors’ dealings. It highlights enforcement action taken against a former Person Discharging Managerial Responsibilities (PDMR) at Wizz Air Holdings Plc, who failed to notify 115 transactions, including trades during closed periods, resulting in a £123,500 fine. The bulletin also reminds issuers of the upcoming expiry on 29 July 2025 of transitional provisions under the UK Listing Rules (UKLR), including those for inflight applicants and shell companies and the need to ensure compliance with eligibility and operational requirements. Issuers are also reminded to provide up-to-date contact details as required. In addition, the FCA has announced plans to enhance the National Storage Mechanism and launched a user survey to support improvements to data accessibility.

The Financial Conduct Authority (FCA) has published Primary Market Bulletin 58 (PMB 58), where it outlines key steps for submitting documents before the new Public Offers and Admissions to Trading Regulations (POATRs) regime takes effect, including the process for submitting draft prospectuses, registration documents, universal registration documents and securities notes from 1 December 2025 for approval on or after 19 January 2026 via the Electronic Submission System (ESS). New forms and cross-reference checklists will be made available on or around 24 November 2025 to support submissions, and the final day for approvals under the existing regime will be Friday 16 January 2026.

The Financial Conduct Authority (FCA) has published Primary Market Bulletin 61 (PMB 61), which includes changes to the FCA Knowledge Base ahead of the implementation of the new Public Offers and Admissions to Trading Regulations (POATRs) regime on 19 January 2026.

The Financial Conduct Authority (FCA) has issued a confiscation order of £586,711.01 against Mohammed Zina, a convicted insider dealer. Zina is expected to pay the amount within three months or face an additional five years in prison.

The Financial Conduct Authority (FCA) has issued a consumer warning in respect of Binance Markets Limited, noting that it is not permitted to undertake any regulated activity in the UK. This firm is part of a wider Group (Binance Group). Due to the imposition of requirements by the FCA, Binance Markets Limited is not currently permitted to undertake any regulated activities without the prior written consent of the FCA. No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK. The FCA says the Binance Group appear to be offering UK customers a range of products and services via a website, Binance.com.

The Financial Conduct Authority (FCA) has decided to fine Nailesh Teraiya—formerly the sole controller and chief executive of Indigo Global Partners Limited (Indigo)—£5.95m and ban him from carrying out any regulated activity. Teraiya has referred his Decision Notice to the Upper Tribunal. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised.