The Financial Conduct Authority (FCA) has published a modification by consent of Annex 2 1.9R to chapter 13 of the Conduct of Business sourcebook (COBS 13 Annex 2 1.9R) by extending the exemption to projections which are based on an individual saver increasing the level of contributions they make. The projection must be consistent with the underlying Statutory Money Purchase Illustration (SMPI) requirements and be included within the SMPI.

The Financial Conduct Authority (FCA) has published its observations from a multi firm review (MFR) assessing the financial resilience of consumer credit firms and non-bank mortgage lenders. The FCA’s overall finding was that the majority of firms could improve their approach to risk governance and risk management. In particular, firms did not always identify and monitor their firm’s risks and financial metrics to give a greater insight into the challenges they face. The FCA expects all firms in these portfolios to consider the MFR when working to improve their governance and risk management framework.

The Financial Conduct Authority (FCA) has published findings from its multi-firm review of life insurers' pension transfer process. The review, covering 18 firms managing 80% of individual personal pension policies, highlights how firms manage and monitor transfers and the challenges they face in delivering good customer outcomes. The FCA noted examples of good practice, including the use of digital platforms, improved customer communications and regular process reviews. It intends to follow up with firms where delays were identified and continues to work with industry to improve transparency, empower consumers and ensure firms meet evolving market demands.

The Financial Conduct Authority (FCA) has published its findings from a multi-firm review (MFR) examining how six UK Payment Service Providers (PSPs), including banks and payment firms, detect, prevent and respond to romance fraud. The review assessed 60 confirmed cases and considered firms’ systems, governance, investigative procedures and customer support practices.

The Financial Conduct Authority (FCA) has published the findings of a review of ten corporate finance firms to assess compliance with client categorisation rules under COBS 3 and certification requirements under COBS 4. The review found widespread weaknesses in the way firms assessed and documented client categories and investor certifications. Many firms relied on informal or inconsistent methods, failed to retain adequate records, or used invalid criteria when classifying clients and contacts as professional, high-net-worth, or sophisticated. Some firms also misunderstood or misapplied the relevant financial promotion rules and exemptions, issued promotions without valid investor statements, and lacked structured processes for reviewing and renewing certifications. Firms with clear, tailored policies and defined procedures demonstrated stronger compliance and more effective categorisation practices.

The Financial Conduct Authority (FCA) has published the findings of its multi-firm review into climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers. The review assessed compliance with climate disclosure rules introduced in 2021, which require firms to report in line with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD). The FCA reviewed ten entity-level and 77 product-level reports from eight firms and engaged with seven firms and trade associations to evaluate the effectiveness of the rules and gather feedback on future regulatory direction following the adoption of the International Sustainability Standards Board (ISSB) standards. The FCA found that the rules have helped firms integrate climate risks into decision-making and improve transparency with clients and consumers. In response, the FCA has updated its sustainability reporting webpage and is considering changes to simplify the framework, enhance the usefulness of disclosures and align with international standards.

The Financial Conduct Authority (FCA) has published findings from a multi-firm review (MFR) examining consolidation trends in the financial advice and wealth management sector. The review, which focused on firms acquiring and integrating financial advice businesses, highlights how consolidation is reshaping the market and identifies both good practices and emerging risks. The FCA notes that while consolidation can improve efficiency, governance and resilience, unmanaged rapid growth may lead to poor client outcomes and operational risks. The findings are intended to support sustainable growth by clarifying existing expectations and helping firms assess their risk management and group structures in line with the Consumer Duty and market integrity.

The Financial Conduct Authority (FCA) has published the findings of its multi-firm review into off-channel communications by wholesale banks. The review assessed firms’ approaches to communications occurring outside of monitored, recorded channels permitted by internal policies. The FCA engaged with eleven wholesale banks and reviewed breach data, policy enhancements, surveillance practices and management information (MI). The FCA observed that all firms had taken steps to improve their approach, although breaches of internal policies continued to occur across all staff grades. The FCA noted that breaches of internal policy may not represent breaches of FCA rules and highlighted the importance of behavioural improvements. Firms were encouraged to consider whether employees understand their responsibilities, whether leadership promotes a culture of compliance, and whether surveillance and MI frameworks are aligned with business needs. The FCA notes that it will continue to engage with firms to explore their approach and assess outcomes.

The Financial Conduct Authority (FCA) has published the findings of its multi-firm review into share buybacks conducted by UK listed equity issuers. The review focused on how banks structure, market and execute buybacks, particularly for FTSE 350 issuers and assessed the outcomes delivered to issuers and the conduct of banks involved. The FCA analysed 165 buybacks worth £40bn executed by seven banks over an 18-month period, alongside engagement with issuers, investors and trade associations.The review found that buybacks have become a more prominent method of capital return, especially post coronavirus (COVID-19), and that banks generally delivered fair outcomes. However, the FCA identified areas for improvement in how banks educate issuers and disclose product features and potential outcomes. The FCA will consider feedback on UK Listing Rules and Market Abuse Regulation (MAR) in future regulatory reviews.

The Financial Conduct Authority (FCA) has published the findings of its multi-firm review into transaction governance practices across six wholesale banks. The review examined how firms govern and oversee transactions, focusing on risk identification, committee processes and the articulation of risk appetite. While the FCA did not identify systemic weaknesses, it observed a range of practices across firms. Some demonstrated structured and transparent approaches, while others showed areas for improvement in documentation, committee oversight and reputational risk management. The review also highlighted the role of senior management in ensuring governance arrangements are effective and that risks, particularly reputational and cross-border, are appropriately considered and managed.

The Financial Conduct Authority (FCA) has published the findings of its multi-firm review assessing the compliance of principal trading firms (PTFs) with Markets in Financial Instruments Directive/Regulation (MiFID) Regulatory Technical Standards (RTS) 6 on algorithmic trading controls. The review, which followed the FCA’s earlier Dear CEO letter, considered governance, development and testing, risk controls, and market abuse surveillance. It sought to identify both weaknesses and good practices in firms’ algorithmic control frameworks, noting the risks posed by increasing market complexity and speed of technological change. The FCA emphasised that while the publication introduces no new requirements, firms should use the findings to strengthen compliance with existing obligations under RTS 6.

The Financial Conduct Authority (FCA) has published findings from its multi-firm review of liquidity risk management at wholesale trading firms, particularly brokers, under the Investment Firms Prudential Regime (IFPR). The review highlights the impact of recent stress events such as the COVID pandemic, the Russia/Ukraine war, and the failures of Credit Suisse and Silicon Valley Bank on firms' liquidity. It identifies both good and poor practices in liquidity risk management, emphasising the need for firms to update their stress assumptions and improve their risk management frameworks. Key findings include firms' failure to identify the full range of liquidity risks, underestimation of liquidity risk exposures, and reliance on immediate access to liquidity facilities. Actions taken by firms in scope of the review to address these issues include implementing remediation programmes and improving risk management frameworks.