https://www.fca.org.uk/ en https://www.fca.org.uk/news/news-stories/fca-continues-simplify-supervisory-communications We're making it easier for firms to find up-to-date supervisory communications on our website. We're simplifying our multi-firm and thematic reviews and labelling those published before 2022 as 'historical', which will affect around 80% of the reviews. Historical documents will remain publicly accessible, using existing links.We'll continue to publish multi-firm and thematic reviews and will evaluate existing reviews in line with our strategy.Why we're doing thisAs part of our Consumer Duty requirements review, we're streamlining our supervisory publications to make our priorities clearer, and support our commitment to smarter, more effective regulation.Next stepsWe'll soon be publishing a small number of market reports, instead of issuing Dear CEO or portfolio letters. These will include information relevant to different types of firms and insights from our supervisory work.Until these market reports are published, firms should continue to refer to relevant supervisory communications for guidance. We'll continue to review our approach to other historical communications. News stories Thursday, August 28, 2025 - 11:07 FCA 154286 https://www.fca.org.uk/news/news-stories/fca-announces-new-chair-smaller-business-practitioner-panel We have appointed Will Self as chair of our Smaller Business Practitioner Panel. He will take up the role as chair from 1 September 2025. Following a competitive interview process, Will has been appointed to lead the independent panel in providing advice and representing the interests of smaller regulated firms to help us deliver our strategic priorities.Welcoming the appointment, FCA chair Ashley Alder said:'The Smaller Business Practitioner Panel plays a vital role in ensuring that the views of smaller firms are taken into account in our work. Their views will be particularly helpful as we advance the focus in our new 5-year strategy on proportionality, clarity, reducing unnecessary burdens, and support for smaller firms to explore new technologies and innovate.'I would like to thank Andy Mielczarek for his excellent chairing of the panel since 2022 and extend a warm welcome to Will as his successor.'Will Self said:'I’m honoured to take on the role of chair of the FCA’s Smaller Business Practitioner Panel. Smaller firms are the backbone of financial services, driving innovation, diversity, and customer choice.'I look forward to ensuring their voices are heard at the highest levels of regulation, and to working with the FCA to strike the right balance between protecting consumers, driving growth and enabling smaller businesses to thrive.'More informationWill Self has been a member of the Smaller Business Practitioner Panel since 2020, and deputy chair since 2022, representing the pensions and retirement savings sector.Prior to becoming CEO of InvestAcc Group in June 2023, he was the CEO of Curtis Banks plc, and before that, CEO of Suffolk Life (subsidiary of Legal & General), bringing hands-on experience of the Self-Invested Personal Pensions (SIPP) sector and navigating complex regulatory landscapes, managing risk, and leading strategic initiatives.Will is a trustee and chair of the Finance & Resources Committee of the Seckford Foundation and was chair of the East Anglia’s Children’s Hospices Finance & Income Generation Committee for 11 years.The statutory panels were set up to make and maintain effective arrangements for consulting consumers and practitioners on the extent to which the FCA’s general policies and practices are consistent with its general duties, as set out in the Financial Services and Markets Act 2000 (as amended).Appointments of the chairs of the statutory panels are agreed by the FCA Board and approved by the Treasury. News stories Thursday, August 28, 2025 - 10:02 FCA 154326 https://www.fca.org.uk/news/news-stories/fca-removes-data-returns-help-36000-firms We’re continuing to make data reporting more proportionate by reducing and removing regulatory returns for 95% of all authorised firms. 36,000 firms will now no longer need to submit a nil return when completing certain tasks relating to disciplinary action (REP008), saving them time and reducing burden. If there’s nothing to submit, firms won’t need to take action. Jessica Rusu, chief data, innovation and intelligence officer at the FCA, said: ‘We only ask for the data we need, making sure it's proportionate, to reduce unnecessary burdens. Our focus is on collecting information that adds real value, while making it easier for firms to meet their regulatory obligations.’As part of our Transforming Data Collection programme, we consulted in June 2025 to:Decommission REP022 (General Insurance Pricing Attestation) and retail investment advisers (RIA) complaints.Reduce the frequency of reporting for REP009 (Consumer Buy-To-Let Mortgage Aggregated Data).Remove the requirement to submit nil returns for REP008 (Notification of Disciplinary Action relating to conduct rules staff – other than senior manager functions).This is in addition to 3 returns removed earlier in 2025, reducing burden for 16,000 firms. These changes reinforce our commitment to cutting low-value reporting, improving data use and becoming a smarter regulator. News stories Thursday, August 28, 2025 - 09:30 FCA 154281 https://www.fca.org.uk/news/statements/investigation-drax-group Following an announcement made to the market by Drax Group plc (Drax Group), we can confirm that the FCA has opened an investigation into Drax Group. Statements Thursday, August 28, 2025 - 08:13 FCA 154381 https://www.fca.org.uk/news/press-releases/fca-seeks-boost-workplace-savings-help-people-navigate-financial-lives The FCA is providing clarity around workplace savings schemes so employers and savings providers can offer them with greater confidence. To help more employees benefit, the FCA has worked with partners to provide clarity on the rules around schemes. This includes setting out how employers can avoid breaching National Minimum Wage requirements and explaining how providers can meet financial promotions requirements.Savings are essential to help consumers manage their financial lives. But the latest Financial Lives Survey found that 1 in 10 people have no cash savings, and another fifth have less than £1000 put aside for a rainy day.Workplace savings schemes could help millions of consumers to start saving regularly and build financial resilience, but only 7% of UK employers offer them.Emad Aladhal, director of retail banking at the FCA said:'Financial inclusion is a shared effort, which is why we’re teaming up with partners and playing our part to help businesses understand how to apply the rules for the benefit of consumers.'This clarity should give employers greater confidence to offer savings schemes that can help people navigate their financial lives.'Emma Reynolds, economic secretary to the Treasury said:'Payroll savings schemes are a great way for everyday workers to put a little aside for a rainy day – this statement helps businesses support their employees to make good financial decisions.'I look forward to publishing the Financial Inclusion Strategy later this year where we will build on this important work.'Oliver Morley, chief executive at the Money and Pensions Service said:'As shown by research we recently carried out with Nest Insight on opt-in and opt-out workplace savings, even a small amount set aside can provide financial resilience and peace of mind for employees.'We will continue to support the FCA in engaging with government and industry to raise the profile of these schemes with employers.'Notes to editorsRead our statement on workplace savings schemes.FCA Strategy 2025 to 2030 - Our strategy 2025 to 2030.The FCA has worked with HM Treasury, the Money and Pensions Service (MaPS), Information Commissioners Office (ICO), Department for Business and Trade (DBT) and the Prudential Regulation Authority (PRA), who have contributed to this statement.This statement focuses on opt-in workplace savings schemes, in adherence to existing legislation. We will continue to work with Government and other stakeholders to look at ways to further unlock opportunities for consumers to build greater resilience and navigate their financial lives. Press Releases Wednesday, August 27, 2025 - 11:37 FCA 154311 https://www.fca.org.uk/news/press-releases/fake-fca-scams-reported-6-months-2025 Consumers are being warned of fraudsters impersonating the FCA, as the regulator revealed it had received almost 5,000 fake FCA scam reports in the first half of 2025. Scammers aim to steal money by getting people to hand over funds or sensitive information, such as bank account PINs and passwords.There have been 4,465 reports of fake FCA scams to the regulator’s consumer helpline already this year. 480 victims were duped into sending money to the fraudster.The majority, almost two-thirds, of reports came from people 56 years old or above.One of the most common scam methods reported is fraudsters claiming that the FCA has recovered funds from a crypto wallet that was opened illegally in the individual's name.Another common method is to target loan scam victims, who are often very vulnerable, and claim the FCA can help them recover the money they have lost. They are then persuaded to hand over further funds.A separate trend involves emailing consumers telling them their creditors have taken out a County Court Judgement against them and they need to pay the FCA the monies owed.'Pig butchering' is a nasty trend where scammers 'fatten up' victims by building a connection, often a romantic one, and then carrying out a long-term investment scam. After the victim has lost money, scammers attempt to defraud victims a second time by pretending to be the FCA under the guise of helping to 'recover' the money.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'Fraudsters are ruthless. They attempt to steal money from innocent victims by impersonating the FCA. We will never ask you to transfer money to us or for sensitive banking information such as account PINs and passwords. If in doubt, always check.'Tips to avoid fake FCA scamsIf someone contacts you unprompted, whether by phone, text, email or WhatsApp, be alert.Never hand over sensitive personal information, like bank account PINs and passwords.If you're unsure, get in touch with the FCA using the online contact form.Notes to editorsFind more information about fake FCA scams and how to avoid them.Report scams to Action Fraud on 0300 123 2040 or via its website. If you live in Scotland, you should report to Police Scotland by calling 101, or contact Advice Direct Scotland on 0808 164 6000.Across the whole of 2024, there were 10,379 reports of fake FCA scams and 991 people handed over money. Press Releases Wednesday, August 27, 2025 - 11:01 FCA 154276 https://www.fca.org.uk/news/press-releases/first-pisces-operator-gets-greenlight-drive-growth On 26 August, the FCA approved the London Stock Exchange to operate a PISCES platform, a new type of private stock market. The platform will bring together buyers and sellers of shares in private companies to trade on an intermittent basis. Breaking new ground with the world’s first regulated private stock market, PISCES (Private Intermittent Securities and Capital Exchange System) is a great example of industry, government and regulators working together to go further and faster on innovative reform.Simon Walls, executive director of markets at the FCA, said:'We are delighted to announce the first PISCES operator has been approved, marking a major milestone in our drive to boost growth and unlock capital investment.‘We are looking forward to seeing the first of many transactions, seeding a competitive market that gives greater investor access to exciting growth companies.’Julia Hoggett, CEO at the London Stock Exchange plc, said:'We are delighted to be the first venue operator to have been granted a PISCES Approval Notice by the FCA. Following several years of innovative development by the UK Government and regulators with active engagement from practitioners across the market, the London Stock Exchange has now taken a significant step towards the launch of our Private Securities Market later this year. 'This new market demonstrates our commitment to the creation of a genuine funding continuum from the private to public markets so that businesses in the UK and around the world can be effectively supported across all stages of their growth. We look forward to welcoming the first private companies to utilise the market when they have completed their preparations and to expanding the options they will have to realise their ambitions.'Emma Reynolds, economic secretary to the Treasury, said:'I am pleased to see the London Stock Exchange become the first operator to receive approval from the Financial Conduct Authority to run PISCES trading events. This represents the latest significant milestone for PISCES, and I look forward to seeing the first PISCES trading events. 'This government is committed to working with the regulators and business to enhance our capital markets offering, supporting economic growth, and putting more money in working people’s pockets as part of our Plan for Change.'Notes to editorsThe PISCES platform will be delivered through a sandbox, which allows the FCA to test the design before finalising a permanent regime in 2030. Trading systems could include periodic auctions, as well as occasional and time-limited periods of continuous trading.Specifically, PISCES uses a financial markets infrastructure (FMI) sandbox. This will be the second use of the FMI Sandbox powers after the Digital Securities Sandbox.The Treasury laid a Statutory Instrument before Parliament in May 2025, which finalised the legislative framework for PISCES.Firms wishing to run a PISCES platform have to apply to the FCA, and once approved are able to run intermittent trading events. The FCA published pre-application support and application support for firms interested in applying to be a PISCES operator. Press Releases Tuesday, August 26, 2025 - 07:49 FCA 154176 https://www.fca.org.uk/news/news-stories/fernwood-financial-limited-enters-liquidation On 27 June 2025, Fernwood Financial Limited – a high-cost lending firm – entered liquidation. Michael Howarth of Aurora Equity & Development Limited was appointed Liquidator. Fernwood Financial Limited was a high-cost lender based in the northwest of England. The firm is no longer lending and has now stopped all collections. The Liquidators are writing to all current customers informing them that their loan balances have been written off in full.Customers do not need to make any further payments to the firm. Customers should cancel any automated payments with their bank and should contact the liquidators immediately if anyone contacts them seeking payment.If you have any questions regarding your loan, please contact the Liquidators via email on sk@aurorarecovery.co.uk and hello@aurorarecovery.co.uk or by telephone on 01134 800397.The FCA is in regular contact with the firm and the Liquidator regarding the fair treatment of customers.Customers who are struggling financially can get free and impartial guidance from MoneyHelper.Be alert to scams All customers should remain alert to the possibility of fraud. If you're contacted unexpectedly by someone claiming to be from Fernwood Financial or Aurora Recovery, please end the call and contact them using the details above. Find out more about protecting yourself from scams. If you're looking for an alternative firm to provide a loan, you should only deal with firms authorised by us. If you're unsure whether a firm is authorised, check the Financial Services Register. News stories Thursday, August 21, 2025 - 10:39 FCA 154201 https://www.fca.org.uk/news/news-stories/forest-savers-enters-administration On 19 August 2025, Waltham Forest Council Employee Credit Union (WFCECU) – trading as Forest Savers – entered administration and has now stopped trading. Dina Devalia and Terri Mulgrew of Quantuma Advisory Limited have been appointed as joint administrators. WFCECU is a financial co-operative owned by its members. It is regulated by us and the Prudential Regulation Authority (PRA) under Firm Reference Number (FRN) 213408 as a deposit-taker.The Financial Services Compensation Scheme (FSCS) is stepping in to protect members. It will return members’ money within 7 working days from when WFCECU was declared in default, on 19 August 2025. News stories Tuesday, August 19, 2025 - 10:00 FCA 154046 https://www.fca.org.uk/news/news-stories/sustainability-linked-loans-market-2-years Sustainability-linked loans (SLLs) remain a useful transition financing tool, and we are encouraged by the progress we've seen in the market since 2023. We've published a follow-up letter (PDF) to share insights from our ongoing engagement with banks active in the SLL market, as part of being a smarter regulator and to deepen trust in the market.SLLs can be a useful transition financing tool for borrowers wanting to improve their overall sustainability performance.Since our previous letter in 2023 (PDF), which highlighted some concerns, we've seen the market for SLLs mature, with better practice and more robust product structures.There are still barriers to scaling the SLL market and some concerns around incentives, but the improvements we've observed are important steps in the development of a credible transition finance ecosystem.Two years on, we hope these insights will help a wider group of firms in the SLL market learn from both the experience of others and our observations.Next stepsOur strategy 2025 to 2030 (PDF) sets out our role in supporting the growth of the financial services sector and UK economy. A crucial aspect of this is unlocking the sector's potential to channel capital into managing the risks and opportunities of the transition to net zero.We will continue to monitor the SLL market as part of our wider work on transition finance, and welcome further constructive dialogue with banks.We will also work closely with the Transition Finance Council (TFC) to promote the competitive position of the UK as a transition finance hub, in line with the Government's ambitions.We encourage banks to engage collaboratively with the TFC's work, to build alignment in approaches to transition finance. News stories Thursday, August 14, 2025 - 14:01 FCA 153656 https://www.fca.org.uk/news/blogs/evolution-consumer-credit-what-next-decade-holds Our 2024 Financial Lives survey found that 84% of UK adults (45.7 million people) held at least one credit or loan product in the previous 12 months. But for some, credit isn’t about luxuries – it’s about getting by.5% (2.8 million) had persistent credit card debt, meaning they paid more in interest and charges than they paid off.21% (11.4 million) had been overdrawn at some point in the past year.Of those with personal loans, 10% - equivalent to around 1.6 million UK adults - used them to cover everyday expenses like food, travel, or rent.These figures show how deeply embedded credit is in daily life – and the complexities involved when it becomes a lifeline rather than a tool.What we’ve learnedOver the years, we’ve listened to consumers, firms, and community organisations. Three key lessons stand out:Credit isn’t always the answer. For some, the right support might be getting help with managing your money, checking benefits or finding work - not another loan. Signposting consumers to help is an appropriate outcome - which also aligns with the Consumer Duty.Technology has transformed the sector – especially when it comes to spotting harm. Digital tools may have made credit more accessible, but it can also be used to spot early signs of financial difficulty. We recently echoed this in our call for improvements to digital loan processes, highlighting the need for fairer, more transparent online journeys.The best results happen when we work together - and that means traditional banks, fintechs, community lenders and mutuals, and the rest of the commercial sector. Take our 2024 Financial Inclusion Tech Sprint, where one of the winning collaborations between community lender Moneyline and fintech Inbest.ai developed a signposting toolkit for customers declined for credit. The tool offers tailored referrals to debt advice, income maximisation resources, and social tariffs – and in some cases, provides small crisis grants to those most in need. It’s a powerful example of how innovation and partnership can deliver meaningful support beyond credit.How did we get here?We took over responsibility for consumer credit in 2014. Since then, we’ve concentrated on raising standards. We introduced the high-cost-short-term-credit price cap, which has benefitted 760,000 customers, saving them £150m annually. We strengthened support for borrowers in difficulty and acted against firms not getting it right. Both the Senior Managers & Certification Regime and the Consumer Duty have also built a strong foundation for a fairer, more resilient and more innovative consumer credit sector all round.Some firms have thrived adapting to these reforms. Others ended up leaving the market -particularly high-cost credit firms. While this has reduced harmful practices, it’s also made access to credit more difficult for some, highlighting the complexity of consumer needs.What’s the plan for consumer credit over the next decade?If the last decade was about raising standards, the next must be about forging a better outlook.This is tied to our mission in our 5-year strategy of supporting growth and helping consumers navigate their financial lives. Because a healthy, innovative consumer credit sector can protect consumers and help them – and firms – to thrive.Three priorities will guide our work:Innovation that adds real value. The best financial products are intuitive, transparent and genuinely useful. Simplicity unlocks confidence and economic activity.Vulnerable customers getting compassionate support. This is non-negotiable. Any one of us can face hardship. The difference between recovery and crisis often lies in how firms respond.People need credit that’s both accessible and right for them. Getting that balance right between access and protection is essential – not just for individuals, but the whole economy. We’re playing an active role in the Government’s Financial Inclusion Committee, helping to shape policies that promote fair access to affordable credit and financial services – particularly for those most at risk of being turned down and left out.There’s no single solution. But by working together – regulators, firms and communities – we can nurture a system that supports consumers at each stage of their financial lives.We invite all firms to be part of this conversation and the solutions it inspires. Together, we can shape a fairer, more resilient financial future. Blogs Thursday, August 14, 2025 - 12:18 FCA 153501 https://www.fca.org.uk/news/news-stories/trust-financial-planning-ltd-enters-liquidation On 7 August 2025, Paul Stanley and Dean Watson of Begbies Traynor (Central) LLP were appointed as joint liquidators of Trust Financial Planning Ltd. On 19 March 2025, Trust Financial Planning became subject to voluntary requirements, including stopping all regulated activity. See a full list of the restrictions on the Financial Services Register. The firm agreed to these voluntary requirements because we considered it was failing to meet our Threshold Conditions. Our Threshold Conditions represent the minimum standards that firms must satisfy to carry out regulated activities in the UK.The firm’s director has taken advice about its financial position and decided to put the firm into creditors’ voluntary liquidation (CVL). The firm’s creditors and shareholders have appointed Paul Stanley and Dean Watson, of Begbies Traynor, as joint liquidators. The liquidators will now wind up the company and its affairs. Find out more on GOV.UK. News stories Thursday, August 14, 2025 - 11:30 FCA 153746 https://www.fca.org.uk/news/news-stories/firms-ready-t-1-uk-europe As firms prepare for the move to T+1 on 11 October 2027, we’re updating firms on our expectations and plans. Jamie Bell, the FCA’s interim head of capital markets, took part in a fireside chat with Richard Monks of EY at the Accelerated Settlement Taskforce (AST) industry event, ‘The Journey to T+1 in the UK and Europe – will you be ready?’, hosted by EY on 16 July 2025.The event marked almost 6 months since the AST published its T+1 UK Implementation plan. It focused on market participants’ preparations for the UK move to T+1 on 11 October 2027.A poll taken at the event indicated that approximately 87% of respondents had already identified the changes they need to make to prepare for T+1.Jamie explained how initial engagement with market participants has been positive and we are largely satisfied with preparations with T+1 so far.Other topics included: How automation is important for an efficient settlement process and market participants’ plans support this.While the FCA is playing a supportive role to the market, we will act if firms are not prepared for the October 2027 deadline.In response to an audience question, Jamie described how the FCA cannot meet with all relevant authorised firms.Our work should be seen as part of a broader market initiative to communicate about T+1, including by firms through their client engagement.Find out how to prepare for T+1 News stories Thursday, August 14, 2025 - 10:18 FCA 153756 https://www.fca.org.uk/news/news-stories/beware-car-finance-scam-calls-fca-warns Scammers are pretending to be car finance lenders and falsely claiming that people are owed compensation. Following our announcement that we’ll consult on a potential car finance compensation scheme, we've received reports of scammers contacting people.These fraudsters are asking individuals for personal information including their name, address, date of birth and bank details. They then falsely claim that these people are owed compensation.It's important to remember:There's no car finance compensation scheme in place yet.Car finance lenders are not yet contacting customers about compensation.How to protect yourselfIf you receive a call like this, hang up immediately and do not share any information.Report scam calls and texts to Ofcom by forwarding them to 7726. More information on how to do this is available on Ofcom’s website.Find out how to protect yourself from scams. News stories Monday, August 11, 2025 - 13:14 FCA 153426 https://www.fca.org.uk/news/blogs/leveraging-non-bank-sector-good-times-and-bad Non-banks encompass a wide range of business models, including pension funds, insurers, hedge funds, and many others. The activities of these firms are vital for the financial health and growth of the UK economy.Therefore, making sure these firms are resilient and financially stable ensures they provide consumers and businesses with the services they need – in both good times and bad.Non-banks use leverage (borrowing to invest) to increase exposure, boost returns or hedge potential losses. This can be achieved in various ways, ranging from taking out loans to using complex derivatives. The use of leverage is an essential component of the deep and efficient capital markets that we have in the UK.In good times, this leverage provides extra liquidity to the system and helps maximise returns. But in periods of market stress, leverage that is poorly managed, concentrated, or hard to spot can raise instability. This is particularly true in markets that are core to the functioning of the real economy. For example, UK government debt markets, or when highly leveraged non-banks risk transferring stress to institutions like banks, which are central to the stability of the financial system.As the regulator, our role is to ensure that markets work well. Leverage is not inherently a cause for concern. But to ensure that leverage can continue to play its part in supporting the UK economy in good times and bad, we need to find ways to identify and address systemic risks - without impeding market efficiency or disproportionately burdening firms.FSB recommendationsTwo years ago, I took up a role as co-chair of the Financial Stability Board's (FSB’s) working group on non-bank leverage. This group recently published policy recommendations (PDF) seeking to identify and address financial stability risks created by non-bank leverage.Effective risk management depends on having the right information at the right time. Without it, both market participants and regulators are essentially flying blind. The report addresses this fundamental challenge by recommending stronger risk monitoring and greater market transparency.The proposed measures put forward by the FSB focus on improving how firms share critical information – both publicly and with their trading partners. These measures should give firms better insight into their own exposures and broader market conditions, helping them manage investment risks more effectively. The improvements should also provide authorities with a comprehensive view of the entire system. Having this birds-eye view enables authorities to spot risks that individual firms might not see – such as dangerous concentrations of investments or overcrowded market positions.The FSB report also provides policy options for authorities to consider once they address risks to financial stability. Given the complex and diverse nature of the non-bank sector, there's no one-size-fits-all approach – so the report sets out a number of different alternatives that authorities may wish to consider. This approach is a good one - what matters is that all jurisdictions have sufficient measures to manage systemic risk, even if different authorities choose a different set of policy tools or measures to do so.What's next for the UK?We are already working to become a smarter regulator, and we're focusing on how we collect and use data to spot risks early.To do our job, which is to make sure that markets function well, we know we need data that provides the practical insights we need to make effective, proportionate decisions.The FSB recommendations are well timed for us. We are already taking steps to evaluate what data we need and switching off regulatory reporting returns that are no longer relevant. There is an ongoing programme of work looking at our data needs – and we’ll think carefully about which risk metrics are most useful for us going forward, including how we can align with other jurisdictions.Working with our international partnersAs much of the non-bank sector operates across borders, it’s crucial that we also collaborate with our international counterparts to spot risks and potential spillovers effectively.This means engaging bilaterally on issues like information sharing and risk monitoring, while continuing to take an active role in international standard-setting bodies. In this way, we can strive for internationally consistent outcomes and be confident that we’re safeguarding the system, while still ensuring that the UK remains competitive.My time leading this FSB working group has highlighted that non-bank leverage is a particularly tricky issue to tackle, demanding in-depth knowledge, industry perspective, and extensive international cooperation. The publication of the FSB’s recommendations is a major step forward in this space – and I’m proud that the FCA has been able to play such a leading role in advancing this work. Blogs Monday, August 11, 2025 - 08:31 FCA 153331 https://www.fca.org.uk/news/news-stories/fca-shares-feedback-new-standard-setting-body-open-banking The ‘Future Entity’ is expected to be the main standards body for open banking in the UK. There has been significant progress in open banking over the past 6 months, and we want to build upon that momentum. This includes the industry-led work to establish a new organisation that will support the rollout of variable recurring payments for some types of household bills later this year. Open banking has the potential to support economic growth in the UK by making payments faster, cheaper and more efficient for people and businesses. It will also enable firms to develop products and services, which make it easier for consumers to manage their finances and pay for goods. The open banking standards provided by the Future Entity are expected to be used by commercial open banking schemes promoting innovation in the sector.The Future Entity is expected to monitor the quality and consistency of technologies used in open banking. This should help inform our supervision of firms.We will be engaging with industry and other stakeholders to decide upon the best way forward to standing up the Future Entity, helping to create a more thriving and innovative open banking industry.Matthew Long, director of payments and digital finance at the FCA, said: 'This is the next step in realising our vision of a more innovative, safe and competitive payments sector, which embraces technological change to better serve people and businesses.'We expect the Future Entity to play a central role in the next phase of open banking, setting and monitoring the standards that underpin the industry.'However, we can't realise this future alone. Our engagement and support from industry continues to play a vital role in the future of open banking, as we build on the momentum we’ve seen in the past 6 months.'More informationRead the Feedback Statement 25/4: Design of the Future Entity for UK open banking.The feedback statement follows a JROC policy paper setting out proposals for the design of the future entity for UK open banking.Open banking is a focus area for the us as set out in our recent strategy.The Future Entity is expected to provide the core standards for open banking services – API standards and oversight. We expect this body to be not for profit, and to collect revenue on an equitable basis to recover costs and invest. We plan to discuss this with industry. Separately, there will be a competitive layer of open banking schemes, which operate commercially. We expect these schemes to utilise the common API standards developed and overseen by the Future Entity, but they may innovate above these standards to provide premium services. APIs allow different firms’ software applications to communicate and interact with each other, exchanging data quickly and securely. This allows for greater data sharing.Underlying payments infrastructure provides the payments rails for open banking payments. The future of this infrastructure layer (including the governance and potential upgrades) is being led by the Payments Vision Delivery Committee and the Vision Engagement Group. News stories Friday, August 8, 2025 - 11:06 FCA 153301 https://www.fca.org.uk/news/press-releases/fca-secures-convictions-individual-ponzi-scheme Daniel Pugh has been found guilty of fraud, following a prosecution by the FCA. Mr Pugh, aged 35 and of Devon, set up a Ponzi scheme that netted over £1m. Through his fraudulent Imperial Investment Fund (IIF), Mr Pugh took money from 238 investors he targeted largely through Facebook adverts. They were offered impossibly high returns of 1.4% a day, 7% a week or 350% a year.The FCA will commence confiscation proceedings in order to recover the proceeds of crime.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'Mr Pugh deliberately defrauded unsuspecting investors. Fighting financial crime is a priority for the FCA and we are committed to holding fraudsters to account.’Mr Pugh was today found guilty of one count of conspiracy to defraud. At the start of the trial he pleaded guilty to carrying out unauthorised regulated activity which breached sections 19 and 21 of the Financial Services and Markets Act 2000.A further individual remains wanted in relation to the same offences. Notes to editorsDaniel Pugh’s date of birth is 19 April 1990.The FCA has attempted to contact investors who lost out. Anyone who was scammed by IIF and has not heard from the FCA should call or email ophainesconsumercontact@fca.org.uk.The FCA’s ScamSmart page has advice on how to spot and avoid investment scams.Mr Pugh was charged on 18 July 2023.Mr Pugh’s trial took place at Southwark Crown Court.Conspiracy to defraud is an offence under common law with a maximum sentence of 10 years’ imprisonment.Under section 19 of FSMA, a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt. Any person who breaches this is committing a criminal offence for which the maximum sentence is two years’ imprisonment.Under section 21 of FSMA, a person must not communicate an invitation or inducement to invest unless they are FCA authorised or the content of the communication is approved by an authorised person. Any person who breaches this is committing a criminal offence for which the maximum sentence is two years’ imprisonment. Press Releases Thursday, August 7, 2025 - 19:35 FCA 153311 https://www.fca.org.uk/news/press-releases/payment-safeguarding-rules-changes Consumers will be better protected when they use payment firms, with the introduction of new rules to protect their money from May 2026. These changes will improve safeguarding practices among payment firms. Safeguarding means that customer money must be kept separate from the firm’s own money so that it is available to be returned if the firm fails.Following constructive engagement with industry, the FCA has confirmed that the new rules will kick in after 9 months, giving industry time to prepare. It has also made changes to ensure that rules are proportionate for smaller firms, such as by removing the requirement for audits if a firm holds less than £100,000 in customer funds.These rules mean that consumers are better protected, and if a payment or e-money firm fails they are more likely to get a full refund and with fewer delays.The new rules require:Annual audits by qualified auditors.Monthly reporting for payment firms.Firms to conduct daily checks to make sure the right amount of money is being safeguarded to protect customers.Better planning if firms fail so customers receive their money back sooner.These rules will address issues the regulator has found in previous failures of payment firms.Payment firms that became insolvent between Q1 2018 and Q2 2023 had average shortfalls of 65% of their customers’ funds.Matthew Long, director of payments and digital assets, FCA, said: 'People rely on payment firms to help manage their financial lives. But too often, when those firms fail, their customers are left out of pocket.'Most of those who responded to our consultation agreed we need to raise standards to protect people’s money and build trust, but any changes needed to be proportionate, especially for smaller firms.'We’ll be watching closely to see if firms seize the opportunity and make effective improvements that their customers rightly deserve – this will help us to determine whether any further tightening of rules is necessary.'Notes to editorsPS25/12: Changes to the safeguarding regime for payments and e-money firms.Intended amendments to Payment Services and Electronic Money - Our Approach, May 2026 draft version.The FCA will be actively supporting industry through the implementation period to help them make changes, with webinars, events and our day-to-day supervisory work.Funds held by payment and e-money firms are not directly protected by the Financial Services Compensation Scheme (FSCS). Instead, firms must safeguard funds which can mean customers lose money or experience delays to funds being returned if the firm fails.The rules will come into effect on 7 May 2026. Press Releases Thursday, August 7, 2025 - 10:06 FCA 153156 https://www.fca.org.uk/news/statements/fca-update-all-or-nothing-investment-fraud-case We have secured a confiscation order against Reuben Akpojaro for his role in the investment fraud.In May 2025 we announced confiscation orders against Raheel Mirza, Cameron Vickers and Opeyemi Solaja. Cameron Vickers made a successful application to reduce his confiscation order. As a result, the confiscation orders secured by the FCA against the defendants total £293,726.16. This amounts to all their remaining assets.Between June 2016 and January 2020, the defendants cold called people to convince them to invest in a shell company and used the money to bankroll their lifestyles. In 2023 they were convicted and sentenced to a combined 24 and a half years for investment fraud.The money will be returned to investors at the earliest opportunity. Failure to pay can lead to imprisonment. Notes to editorsWe previously published details of the FCA's confiscation orders. Statements Tuesday, August 5, 2025 - 12:34 FCA 153016 https://www.fca.org.uk/news/press-releases/fca-fines-over-woodford-equity-income-fund The FCA has decided to fine both Neil Woodford and Woodford Investment Management (WIM) for failures in their management of the Woodford Equity Income Fund (WEIF). The FCA has decided to fine Mr Woodford £5,888,800 and ban him from holding senior manager roles and managing funds for retail investors.The FCA has also decided to fine WIM £40,000,000.WEIF was an investment fund managed by Mr Woodford and WIM. They were responsible for managing the liquidity of the fund, so that investors could redeem their investments and be repaid.The fund was suspended in June 2019, leaving investors – a significant majority of whom were ordinary retail customers – unable to access their money. The value of the WEIF had fallen from a high of over £10.1bn in May 2017 to just £3.6bn in the run-up to its suspension.The FCA has concluded that between July 2018 and June 2019 WIM and Mr Woodford made unreasonable and inappropriate investment decisions. They disproportionately sold more liquid investments (those that are easier to sell) and bought less liquid ones over this period. This meant that at the time of suspension only 8% of the investments held by WEIF could be sold within 7 days. Under rules in place at the time, investors should have been able to access their funds within 4 days.WIM and Mr Woodford did not react appropriately as the fund’s value declined, its liquidity worsened and more investors withdrew their money. This disadvantaged investors who remained in the fund, compared to those who had withdrawn their investment before the fund was suspended.The FCA has concluded that Mr Woodford held a defective and unreasonably narrow understanding of his responsibilities. Despite his senior role, he did not accept that he had a responsibility to oversee the management of the fund’s liquidity, including in interviews conducted by the FCA. He also failed to provide proper oversight of WIM’s relationship with Link Fund Solutions (Link), the WEIF’s authorised corporate director, including after Link raised concerns about the fund’s liquidity.The FCA considers Mr Woodford’s and WIM’s failings led to a significantly increased risk of the fund being suspended.Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:'Being a leader in financial services comes with responsibilities as well as profile. Mr Woodford simply doesn’t accept he had any role in managing the liquidity of the fund. The very minimum investors should expect is those managing their money make sensible decisions and take their senior role seriously. Neither Neil Woodford nor Woodford Investment Management did so, putting at risk the money people had entrusted them with.’The FCA previously set out its findings against Link for its role in the suspension of the WEIF. This included securing a £230m redress scheme for those investors stuck in the fund when it was suspended.Notes to editorsDecision Notice 2025: Neil Woodford (PDF)Decision Notice 2025: Woodford Investment Management Limited (PDF) Press Releases Tuesday, August 5, 2025 - 09:00 FCA 153046