The Financial Conduct Authority (FCA) has published a statement apologising to investors in Basset & Gold Plc and Basset & Gold Ltd for oversight failures. The FCA acknowledged errors in the authorisation of B&G Finance Ltd and the supervision of the three firms—Basset & Gold Plc, Basset & Gold Ltd, and B&G Finance Ltd—even though the first two issued mini-bonds as representatives of regulated firms (Thornbridge Investment Management LLP, Gallium Fund Solutions Ltd, and B&G Finance Ltd). The FCA upheld complaints regarding B&G Finance Ltd’s authorisation and overall supervision, but not those about the authorisation of Basset & Gold or delays in stopping mini-bond sales. It noted that addressing issues individually may have affected its engagement, although it maintained that this would not have prevented Basset & Gold Plc’s failure. The FCA also confirmed a payment of £200 to each complainant for its delayed response, clarifying it was not directly responsible for investor losses thus will not pay any redress.

The Financial Conduct Authority (FCA) has published an explanatory statement under Article 28a(9) of the UK Markets in Financial Instruments Regulation (UK MiFIR) (Regulation (EU) 600/2014 as assimilated in UK law), confirming that its direction modifying the UK derivatives trading obligation (DTO) remains in effect for the six-month period ending 31 December 2025. The direction, issued on 31 December 2024, permits firms subject to the UK DTO, trading with or on behalf of EU clients subject to the EU DTO, to execute those trades on EU trading venues—provided certain conditions are met, including that firms must take reasonable steps to be satisfied the client does not have arrangements in place to execute the trade on a venue to which both the UK and EU have granted equivalence.

The Financial Conduct Authority (FCA) has published its comments on the announcement from the NatWest Board regarding the recent allegations relating to account closures and breach of customer confidentiality.

The Financial Conduct Authority (FCA) has published a statement outlining considerations for a potential consumer redress scheme in motor finance. The FCA is reviewing the market following its 2021 ban on discretionary commission arrangements—a practice in which brokers, typically car dealers, adjusted interest rates to increase their commissions. This review comes in response to numerous customer complaints concerning non-disclosure and a Court of Appeal ruling, which found that such commissions were unlawful without clear disclosure and informed consent. This ruling is currently under appeal to the Supreme Court.

The Financial Conduct Authority (FCA) has published a statement to clarify regulatory expectations around workplace savings schemes. The statement outlines how employers and savings providers can implement schemes within the existing legislative framework while addressing compliance concerns with the Financial Services and Markets Act 2000 (FSMA 2000), National Minimum Wage Regulations 2015, financial promotions rules and UK General Data Protection Regulation (UK GDPR).  It also highlights the potential benefits of payroll savings, noting that only 7% of UK employers currently offer such schemes despite evidence that they support regular saving and improve financial resilience.

The Financial Conduct Authority (FCA) has published a statement warning that people are being encouraged to invest in high-risk schemes offered by unregulated firms, such as unlisted loan notes and mini-bonds, without fully appreciating the risks. These firms often rely on legal exemptions and do not need to be authorised by the FCA, meaning investors may not be able to access the Financial Ombudsman Service or the Financial Services Compensation Scheme. These products are typically used to fund property developments and are generally aimed at experienced investors. The FCA notes that they are often promoted through enticing websites, marketing campaigns and social media influencers, and may be accompanied by glossy brochures that conceal opaque or non-existent enterprises.

The Financial Conduct Authority (FCA) has published its written submissions to the Supreme Court in the appeal of the Court of Appeal decision in Johnson v FirstRand Bank Ltd (London Branch) (trading as Motonovo Finance) and other cases [2024] EWCA Civ 1282 to which the FCA was granted permission to intervene.  In its submissions, the FCA stated that the sweeping approach of the Court of Appeal in (effectively) treating motor dealer brokers as owing fiduciary duties to consumers in the generality of cases goes ‘too far’. The three-day hearing is set to conclude on Thursday 3 April.

The Financial Conduct Authority (FCA) has published a research note titled ‘Synthetic Data and Anti Money Laundering’. It presents the findings of the FCA’s Synthetic Data and Anti‑Money Laundering (AML) project (carried out by the FCA jointly with the Turing Institute and Plenitude Consulting), which examined how synthetic data can support innovation in money laundering detection while safeguarding privacy.

The Financial Conduct Authority (FCA) has published its third annual market share report for UK registered credit rating agencies (CRAs), providing an overview of the UK credit rating agency (CRA) market and aims to promote competition among CRAs, especially smaller ones with less than 10% market share, as required by Article 8d of the CRA Regulation. The report also summarises findings from the FCA's recent wholesale data market study report(MS23/1), which identified barriers to entry and lack of transparency in pricing for smaller CRAs in the credit ratings data market.

The Financial Conduct Authority (FCA) has published an update on its Consumer Duty requirements review, outlining actions taken to streamline FCA rules and guidance. The FCA sets out new commitments, in addition to confirming that it will not proceed with broader reviews of its product governance (PROD), client asset (CASS), or training and competence (TC) sourcebooks at this stage. It will proceed with reforms to Systems and Controls requirements relating to the management of conflicts of interests and reforms to the Senior Managers Regime (with associated rationalisation of systems and controls requirements).

The Financial Conduct Authority (FCA) has published an update on the Open Finance Sprint 2025, an event that convened over 100 stakeholders from across the financial sector. Under the leadership of Manager of Innovation, Simone Plances, the event examined how financial data sharing can be enhanced through practical measures. Participants focused on four interconnected themes: financial wellbeing, financial growth, financial resilience, and digital identity and verification. They discussed the development of adaptive solutions, including real-time financial management tools, alternative approaches to credit assessment, and bespoke frameworks for small and medium-sized enterprise lending. The update also outlines future plans, such as a dedicated technology sprint and participation in international collaborations like Project ApertaLink, all aimed at creating a responsive financial ecosystem by 2030.

The Financial Conduct Authority (FCA) has published an update on its motor finance work, together with a consultation proposing changes to its timeline. In CP24/15: Extending the temporary changes to handling rules for motor finance companies, the FCA proposes to extend the current pause to the time firms have to respond to consumers about motor finance complaints involving a discretionary commission arrangement (DCA) until after 4 December 2025 at the earliest. The FCA are also proposing to give consumers until the later of 29 July 2026 or 15 months from the date of their final response letter from the firm, to refer a complaint to the Financial Ombudsman Service (instead of the usual 6 months). Responses are sought on this change by 28 August 2024.