We have published the final version of our streamlined and updated Enforcement Guide.

We have retained the 'exceptional circumstances' test for announcing investigations into regulated and listed firms. We have also identified 3 situations where there was broad support for increased transparency:

• Where we’re investigating suspected unauthorised financial services or a suspected offence involving unregulated activity, and an announcement will warn consumers or investors or help the investigation. 
• Where the fact of the investigation has been made public by the subject, an affiliated company or a regulatory body, government or public body. 
• Anonymised announcements, not naming or identifying the subject of the investigation, where it would be helpful to educate people on the types of misconduct we are investigating.

These changes will only apply to investigations launched on or after 3 June 2025. Alongside this, we will continue to improve the pace and focus of our investigations, increasing the impact of our work for the benefit of consumers and markets, and therefore the wider economy.

Through a new collaboration, firms will have the opportunity to experiment with AI using NVIDIA accelerated computing and NVIDIA AI Enterprise Software.

This Supercharged Sandbox will give firms access to better data, technical expertise and regulatory support to speed up innovation. It is open to any financial services firm looking to innovate and experiment with AI.

The sandbox will help firms who are in the discovery and experiment phase with AI. An existing AI Live Testing service helps those further along in development and ready to use AI. As set out in our strategy, we’ve committed to supporting economic growth by enabling innovation and harnessing technological advances like AI.

This collaboration will help those that want to test AI ideas but who lack the capabilities to do so. We’ll help firms harness AI to benefit our markets and consumers, while supporting economic growth.

Firms can now apply to use Supercharged Sandbox.

Successful applicants will be able to experiment from October.

We’re launching a new and improved Handbook website which will make it easier for users to:

• Navigate and find the information they need.
• Understand the connections between our rules.
• Compare different versions of Handbook text to see what’s been added or deleted over time.

This is part of our new strategy to be a smarter regulator.

You’ll be able to use the new Handbook website soon – our website gives more information.

We set out the final rules for a new type of private stock market where shares in private companies can be traded on an intermittent basis.

The new platforms will give investors greater access and confidence to invest in new companies, while early backers and employees can sell up and invest again.

As set out in our letter to the Prime Minister outlining our approach to support growth, PISCES can unlock capital investment and liquidity.

As companies choose to stay private for longer, there is demand for investors to trade private company shares efficiently in an organised marketplace. PISCES meets this demand. Companies can set the floor and ceiling of share prices and have a say over who can buy their shares.

To run a PISCES platform, you’ll need to apply to us for approval. We are offering early feedback and support to prospective operators before they start the application process.

We’re committed to being a smarter regulator under our strategy. Central to that is us being easier to engage with and we’ve listened to feedback. In March 2025 we launched My FCA as a simple, clear and easy way for registered and authorised firms to meet their regulatory obligations.

From July 2025, the My FCA task list will expand to include all finance tasks from our Online Invoicing Systems (OIS), including paying invoices and accessing credit balances. Clicking a task will take you directly to OIS, eliminating the need for a separate login.

This will be followed by a further update providing direct access from the My FCA task list to the relevant finance document in OIS.

Thank you for your feedback, which is helping us improve My FCA. To share more, please complete the feedback form available at the top of the page in My FCA.

We have set out some considerations if we were to introduce a consumer redress scheme as part of our review into motor finance commission arrangements.

For example, we would be guided by principles. There may be tensions between some of these principles, which will require us to consider how to strike the right balance.

Other features we'd have to consider include whether the scheme is opt-in or opt-out. 

We will confirm within 6 weeks of the Supreme Court judgment whether we are proposing to introduce a redress scheme. If so, we’ll also set out timings for when we would issue a consultation.

On 18 June, we were delighted to host the winners of our inaugural economic research competition at the London School of Economics.

The event showcased independent research from 6 institutions, exploring how regulation can support economic growth. The research covers a range of themes including competitiveness, productivity, systemic risk, and the impact of regulation on innovation and investment.

These insights will help strengthen our evidence base and inform our future policy development. The competition attracted over 40 submissions and forms part of our wider strategy to promote growth through smarter, evidence-led regulation.

We led regulators across the globe in taking action to protect social media users from illegal financial promotions by rogue finfluencers.

In the UK, we:

• Made 3 arrests with the support of the City of London Police.
• Authorised criminal proceedings against 3 individuals.
• Invited 4 finfluencers for interview.
• Sent 7 cease and desist letters.
• Issued 50 warning alerts which will result in over 650 take down requests on social media platforms and more than 50 websites.

We are sending a clear message that finfluencers must act responsibly and only promote financial products where they are authorised to do so.

We plan to contact relevant firms later this year and asking for data in early 2026 so we can better understand how they think about asset allocation and refine our proposed rules.

The government's review sets out reforms to the Defined Contribution workplace pensions market and the Local Government Pension Scheme in England and Wales.

We welcomed the statement from trade bodies supporting the faster settlement of trades in funds.

Faster settlement makes our markets more efficient, improves liquidity and supports the UK’s growth and competitiveness.

We are publishing a series of research notes on how AI intersects with financial services to spark discussion on these issues, drawing on a variety of academic and regulatory perspectives. We hope that these notes are of interest to those who build models, financial firms, and consumer groups in understanding complex debates on building and implementing AI systems.

In our latest AI research note, we explore the potential and limitations of large language models (LLMs), such as OpenAI’s GPT series, in consumer-facing financial services through 2 pilot projects.

Last month, the Upper Tribunal upheld our ban and penalties against Toni Fox and David Brian Price.

As directors of CFP Management Ltd (2015–2017), they advised on 1,470 pension transfers worth over £392m using a flawed model that ignored clients’ financial situations and risks. Their actions breached FCA rules, including transfers involving British Steel Pension Scheme members.

In response to industry feedback, the FCA and the Bank of England are consulting on minor changes to the UK European Market Infrastructure Regulation (UK EMIR) reporting regime.

On 6 June 2025, we published Quarterly Consultation Paper CP25/16. Chapter 5 sets out our proposals. These include adding ‘Execution agent’ as a new field in Table 3 (Margin Requirements) of the Annexes of our respective Technical Standards. We have also published the corresponding draft Schemas and Validation Rules.

The consultation period for Chapter 5 will close on 30 June 2025.

This month we revised our Memorandum of Understanding (MoU) in relation to payments between the FCA, Bank of England, Prudential Regulation Authority, and Payment Systems Regulator.

We reviewed the effectiveness and efficiency of our collaboration and published the review’s outcome, as well as an overview of our roles and responsibilities.

This work provides an opportunity to strengthen coordination between the regulators. This helps us deliver a more efficient and effective regulatory environment, as well as manage our collective impact on regulated firms.

We have published our observations following a multi-firm review of e-money and payment firms. This work aims to help the industry better understand what we expect by providing additional payment-firm specific examples.

The sector is innovative and evolving, bringing greater competition and choice for customers. A well-organised firm can make informed decisions and achieve sustainable growth if its risk management frameworks reflect the scale, breadth and complexity of activities. Our review found that risk management frameworks and wind-down plans remain underdeveloped. These are capabilities which we expect firms to have in place, in line with our Principles of Business and FCA priorities for this portfolio.

We will continue to support the sector to help understanding of our expectations.

This month, we published an article highlighting good practices and areas for improvement in retirement income advice. The paper aims to help advisers deliver better client outcomes and prevent foreseeable harm. Key areas include quality of information collection and record-keeping, appropriateness of client risk profiling and sustainability of income withdrawals.

Alongside this, we published the IAAT to help clarify the methodology we use to assess investment advice suitability. This will help firms understand how we evaluate their advice and consumer disclosures.

We have published our latest data from firms who have signed up to the Government’s Mortgage Charter.

Key findings include:

• In the latest 3-month period (February to April 2025) around 341,000 mortgages locked into a new deal up to 6 months ahead of maturity; this compares to around 280,000 mortgages in the previous 3-month period (November 2024 to January 2025).
• The number of mortgages that, after locking into a new deal up to 6 months before maturity, subsequently locked into an alternative deal, also increased from around 27,000 in November 2024 to January 2025 to around 52,000 in February to April 2025.
• Around 178,000 mortgages have temporarily reduced monthly payments via our new rules. 

Along with the Bank of England, we’ve published the 2025 Q1 Mortgage Lending Statistics data for regulated firms carrying out mortgage lending and mortgage administration. 

The data we publish includes:

• The outstanding value of all residential loans.
• Total gross advances by loan-to-value and income multiples.
• Value of new commitments.
• Proportion of mortgage loans above Bank Rate.

The value of gross mortgage advances increased by 12.8% from the previous quarter to £77.6bn, the highest new advances since 2022 Q4, and was 50.4% higher than a year earlier.

We’ve published our Prescribed Persons Annual Report 2024/25 which covers whistleblowing disclosures made to us between April 2024 to 31 March 2025.

During this period, we received and assessed 1,131 new whistleblowing reports.

We rely on whistleblowing, as it’s a crucial source of intelligence in identifying and disrupting harm. Whistleblowing reports continue to rise, but we’re working efficiently to resolve them, and take action on over 50% of the whistleblowing disclosures that we receive.

Of those reports, we reviewed and closed 46%, compared to 19% of reports the previous year.

Our news and publications alerts keep you up to date with our press releases, speeches, statements, consultations, guidance, notices and decisions.

We are holding a webinar on Thursday, 10 July 2025 from 2pm to 3.30pm to help firms understand our strategy for payment firms and how we embed the Consumer Duty.

This webinar will help firms better understand the strategy. We’ll cover how it links to the National Payments Vision, which sets out the Government’s ambition for a trusted, world-leading payments ecosystem, and highlights the importance of payments to the UK economy.

The webinar will be of interest to payment service providers, e-money issuers, money remitters, merchant acquirers, and open banking firms and will also provide an opportunity to ask questions.

FCA supervisors from the Advisers, Wealth, and Pensions Department led sessions at Consumer Duty Alliance events in Edinburgh (June 11) and Belfast (June 17). They covered a supervisory strategy update, an interactive teach-in on foreseeable harms in advice, a vulnerability case study, and a panel on Consumer Duty outcomes.

We want to talk to advisers through this four-nations tour, with upcoming events in Newcastle, Marlow, and Glamorgan. You can find more details and how to register through the Consumer Duty Alliance website.