Ahead of the anti-greenwashing rule coming into force on 31 May 2024, the Financial Conduct Authority (FCA) has published finalised guidance FG24/3 for firms. The FCA has also published consultation paper CP24/8, Extending the sustainability disclosure requirements (SDR) regime to portfolio management, responses are sought by 14 June 2024.

Corporate analysis: This analysis highlights key aspects of the reforms to the UK listing regime published by the FCA on 11 July 2024 in the new UK Listing Rules sourcebook which will come into effect on 29 July 2024. The reforms stem from the recommendations in the UK Listing Review report published in March 2021.

The Financial Conduct Authority (FCA) has published policy statement PS24/5, setting out its final regulatory fee and levy rates for 2024/25, including feedback on consultation paper CP24/6. Firms can use the FCA’s online fees calculator to calculate their individual fees, which will be invoiced from July 2024 onwards.

The Financial Conduct Authority (FCA) has published policy statement PS25/6, establishing the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES)—a new platform where shares in private companies can be traded on an intermittent basis. The platform will be delivered through a sandbox approach, allowing the FCA to test the design before finalising a permanent regime in 2030. The sandbox is now open and prospective operators should apply to the FCA for a PISCES approval notice. Once approved they will be able to run intermittent trading events.

The Financial Conduct Authority (FCA) has published policy statement PS23/3, Creation of a baseline financial resilience regulatory return: Feedback to CP22/19 and final rules, which contains the FCA’s final rules in relation to a new baseline financial resilience return, FIN073, which replaces the FCA Financial Resilience Survey. The FCA has also published consultation paper CP23/9—Changing the scope of the baseline financial resilience regulatory return, which proposes changing the scope of firms required to provide the FCA with baseline financial resilience data to exclude firms with limited permission. This would bring all full permission consumer credit firms in scope of the return. The consultation closes for comment on 6 June 2023, with a statement planned in summer 2023.

The Financial Conduct Authority (FCA) has published policy statement PS25/7 confirming the removal of three regulatory data collections: FSA039 (Client Money and Client Assets), Section F of the Retail Mediation Activities Return (RMAR), and Form G (individual adviser complaints notification). These changes, which take effect from 27 June 2025, are part of the FCA’s Transforming Data Collection (TDC) programme and align with its 2025 Strategy to streamline reporting requirements and reduce compliance costs. The FCA estimates that the changes will benefit approximately 16,000 firms and reduce annual industry costs by around £1.3m. The FCA has also proposed further decommissioning measures in its quarterly consultation paper CP25/16, with responses invited by 30 June 2025.

The Financial Conduct Authority (FCA) has published policy statement PS25/17, SI regime for bonds and derivatives and other consultation proposals, which contains final rules to implement proposals set out in consultation paper CP25/20 on the systematic internalisers (SI) regime for bonds and derivatives, and related transparency rules. The FCA is adopting all the proposals it consulted on, except for one of the proposed changes to the reference price waiver (RPW), which the regulator says it is ‘minded to implement but only after gathering more information’. The final rules come into force on 1 December 2025.

As part of a package of measures to lower costs for and broaden the opportunities to invest in UK companies, the Financial Conduct Authority (FCA) has published Policy Statements PS25/9 and PS25/10.

The Financial Conduct Authority (FCA) has published Finalised Guidance FG24/1 which aims to clarify the FCA’s expectations of firms and influencers communicating financial promotions on social media. The FCA has set out how adverts across social media channels must be fair, clear and not misleading, and warns firms working with affiliate marketers, such as influencers, to take proactive responsibility for how their affiliates communicate financial promotions.

The Financial Conduct Authority (FCA) has published finalised guidance FG21/5, General guidance on the application of ex-post risk adjustment to variable remuneration, under section 139A(1) of the Financial Services and Markets Act 2000 (FSMA). It was initially issued on 1 July 2015 and applied to all firms in scope of the FCA’s Dual-regulated firms Remuneration Code in SYSC 19D. The FCA has revoked the guidance and reissued it with an extended scope. It now also applies to FCA investment firms in scope of the MIFIDPRU Remuneration Code in SYSC 19G, which will replace the BIPRU and IFPRU Remuneration Codes from 1 January 2022. FG21/5 has effect from 1 January 2022.

The Financial Conduct Authority (FCA) has published the findings of its wholesale data market study (MS23/1.5) which examined competition in the markets for credit ratings data, benchmarks and market data vendor services. The FCA has ruled out significant intervention, noting that it found that firms can access the data they require to make effective investment decisions. The FCA says it will take forward ideas to help support wholesale data being available on fair, reasonable and transparent terms as part of its work to repeal and replace assimilated EU law.

The Financial Conduct Authority (FCA) has published the findings of a multi-firm review into how benchmark administrators (BMAs) manage data risks. The review examined how firms meet their obligations under FCA Principles 2 and 3 and the UK Benchmarks Regulation. While some good practices were observed, the FCA found that arrangements varied and did not always support a strong control environment. The FCA expects firms to ensure their frameworks remain proportionate to the risks associated with their data sources, particularly as products evolve. Further supervisory work is planned for later in 2025 and into 2026, focusing on benchmark controls and corporate governance.