We have published a statement welcoming the Accelerated Settlement Taskforce’s 2025 progress report on the move to T+1, which means that buying a stock or bond will be settled within one business day.
The report highlights strong industry momentum toward shorter settlement cycles.
T+1 will reduce risk, support faster reinvestment and keep the UK aligned with other major markets.
We expect firms to update and test their systems this year to ensure a smooth transition. Further information on T+1 is available on our website.
We’ve published findings from our review of complex exchange-traded products (ETPs), including leveraged and inverse ETPs that reset daily. These products represent a small but higher-risk segment of the ETP market.
Our review assessed how firms distributing these products on an execution-only basis meet Consumer Duty obligations. We found examples of good practice and areas for improvement. We expect firms to review these findings and take action where needed.
This work supports our wider goals of promoting growth and helping consumers to make informed financial choices.
Strengthening oversight of critical third parties
We, together with the Prudential Regulation Authority and the Bank of England, have signed a Memorandum of Understanding (MoU) with the European Supervisory Authorities to strengthen how we will oversee critical third parties (CTPs) under the UK’s CTP regime.
The MoU sets out how we share information and coordinate supervision and incident response for UK‑designated CTPs and EU‑designated providers.
It’s designed to manage risks to financial stability and market confidence, while reducing duplication and regulatory burden for firms operating in both jurisdictions.
The agreement demonstrates our commitment to cross-border cooperation and strengthening operational resilience to support growth and promote market stability.
Applications now open for FCA’s stablecoin sprint
We’re bringing together innovators, consumer groups, regulators, government and industry leaders to help shape the future of stablecoin payments in the UK.
Applications are now open for our Stablecoin Sprint, taking place on 4-5 March 2026 at our London office.
The sprint will explore how stablecoins can be used for retail payments, cross-border payments, ecommerce and business to business transactions to inform our regulatory approach.
A further roundtable in May will focus on trade payments in stablecoins.
To take part in the sprint and/or roundtable, please complete an application form by Wednesday, 4 February 2026. Successful applicants will be notified by 20 February 2026.
We’re seeking feedback on further rules for cryptoasset firms
We’re consulting on further rules for cryptoasset firms as the final step in our consultations to our crypto rules.
We’ve made significant progress in delivering our crypto roadmap and are helping firms to meet our standards and get ready for when the gateway opens in September 2026.
We have set out our proposals on how the Consumer Duty, conduct standards, redress and safeguarding will apply to cryptoasset firms.
We’re also seeking feedback on our proposed approach to international cryptoasset firms.
We welcome feedback by 12 March 2026.
New regulatory regime for cryptoassets
In December 2025, the government laid draft legislation which, if it becomes law, will create a new regime for cryptoasset regulation in the UK.
This new regime is expected to come into force on 25 October 2027. Firms wishing to undertake any of the new cryptoasset regulated activities will need to be authorised by us under the Financial Services and Markets Act 2000 (FSMA).
To help cryptoasset firms prepare for the new regime, we’ve published information for those that will fall within scope and be regulated by us under FSMA for the first time.
Management expenses levy limit
We’ve published a joint consultation with the Prudential Regulation Authority (PRA) to set the total limit on the management expenses that the Financial Services Compensation Scheme (FSCS) can levy financial services firms.
We welcome feedback by 10 February 2026.
Changes in how we collect retail banking data
As part of our commitment to being a smarter, more proportionate regulator, we’re consulting on changes to how we collect retail banking data.
We want to move from ad hoc to annual collections and remove unnecessary data points, following firm feedback.
This should reduce burdens on firms and help them better plan, predict, and automate their reporting.
Data we receive from banks and building societies is key to our regulation. With this, we can spot how business models are changing, identify where competition is strong or weak, and get a clearer view of how the industry is evolving.
We welcome feedback by 4 March 2026.
We continue to use CBEST threat‑led penetration testing to assess firms’ and financial market infrastructures’ cyber resilience and identify vulnerabilities.
Together with the Prudential Regulation Authority (PRA), we’ve published our annual CBEST thematic analysis from 2025 assessments.
It sets out common tactics, techniques and procedures we’ve observed as well as the challenges firms face when addressing CBEST findings.
We encourage cyber security teams and senior managers to review it and consider how these insights can strengthen their detection, response and recovery capabilities.
Enforcement Watch
Keep up with latest insights and themes from our enforcement work with our new newsletter.
In the first edition of Enforcement Watch, we cover our:
- updated publicity policy in action
- enforcement case priorities
- international partnerships
Sign up to get future issues directly.
Equity consolidated tape consultation period
Our consultation deadline to feed back on proposals to introduce a UK equity consolidated tape has been extended to 13 February 2026.
An equity tape brings data from across UK markets together, providing investors with a more comprehensive and clear view of the market. This will help boost market participation and the global competitiveness of UK equity markets.
Following extensive market engagement, the consultation is seeking feedback on introducing a tape that includes both post-trade data and the attributed best bid and offer prices (the first level of pre-trade data) across UK trading venues.
We welcome your views by 13 February 2026.
Contactless payment limit changes
This change gives firms flexibility to respond to evolving consumer needs, rising costs and new technologies. Firms are encouraged to let customers set personal limits, or switch contactless off, as many banks already allow.
After the change takes effect, each firm can decide whether and when to adjust its limits, but any changes must be communicated clearly to customers.
These updates are now reflected in our Handbook.
Cancelling your authorisation to avoid fees
If you submit your cancellation application to us before 31 March 2026 (or before the last day in February, if you're also regulated by the PRA), you won't have to pay the annual fee for the following financial year.
If, however, your business continues to operate for 3 months beyond this deadline – i.e. past 30 June 2026 – then you'll have to pay the annual fee for the financial year.
We have more information about:
Let us know what you think
You should have received or will shortly be receiving your invite to complete our 2025-2026 FCA and Practitioner Panel Survey. The email is coming from: fcappsurvey@veriansurveys.com.
The survey is anonymous, and your honest opinions are greatly valued.
Your feedback enables us to better understand what really matters to you. It shapes how we operate and helps us to improve as a regulator.
We’d appreciate the survey being completed by the most senior person in your firm (Chief Executive or equivalent), and for that person to answer on behalf of your firm or, if applicable, your group.
The survey should only take 15 -20 minutes to complete and is voluntary.
If you have any questions, please email Verian or call on 0800 015 0302.
You can also contact the FCA Supervision Hub on 0300 500 0597.
Find out more about previous surveys and the FCA’s Practitioner Panels, including the Smaller Business Practitioner Panel on our website.
We’ll publish the results in autumn 2026.
Berne Financial Services Agreement update
The Berne Financial Services Agreement (BFSA) went live on 1 January. It’s a groundbreaking new market access agreement between the UK and Switzerland that allows firms to carry out specified wholesale activities on a cross-border basis in each other’s country.
The first notifications have been successfully received from both UK and Swiss firms and are currently being validated by the respective regulators before firms can be added to host authority registers.
For more information on the agreement visit our BFSA FCA webpage.
We’ve launched the Mills Review into how rapid advances in AI are reshaping retail financial services.
AI is already embedded across the sector, but recent developments could make the next phase of technological change profound. Consumers may increasingly rely on AI for everyday financial decisions, while markets, competition and value creation could shift towards firms with strong AI capabilities and control of data.
Building on our AI Discussion Paper, AI Sprint and AI Lab, we’re seeking views on how these shifts could affect consumers, firms and the regulatory approach.
Feedback will inform recommendations to our Board in summer 2026, which we’ll publish alongside the Board’s response.
You can give us your views using our online response form. You can also email us at TheMillsReview@fca.org.uk.
Please respond by 24 February 2026.
Pure Protection market study
We’ve published interim findings from our market study into pure protection products.
While the market generally works well for those who hold these products, many people who could benefit from protection remain uninsured.
Around 58% of adults do not have a pure protection policy, with most not having considered their protection needs.
We’re exploring options such as extending targeted support and encouraging innovation that prompts consumers at key life moments.
We’ll focus on areas where we can add the most value and work with industry on wider improvements.
If you’d like to share your feedback in response to these findings and proposed remedies, send it to PureProtectionMS@fca.org.uk by 31 March 2026.
We aim to publish our final report in Q3 2026 with our final findings, a summary of feedback, and next steps.
FCA and PSR clarify open banking pricing activities
We’ve issued a joint statement with the Payment Systems Regulator (PSR) giving clarity on open banking pricing models.
It confirms that we won’t, at this stage, prioritise a Competition Act 1998 (CA98) investigation into the centralised ‘access fee’ pricing model the UK Payments Initiative (UKPI) is developing for commercial Variable Recurring Payments (cVRPs).
This supports our strategy to make cVRPs a reality, giving people more control over their payments and lower processing fees for businesses.
This is a temporary measure ahead of the government’s anticipated legislative framework, expected by the end of 2026, and it applies until that framework is in place or until July 2027, whichever comes first.
During this period, we and the PSR will continue to:
- monitor market developments
- review any changes to the pricing methodology
- expect UKPI to submit its finalised governance documents
Insider Dealing fine
We have fined an oil rig consultant £309,843 for insider dealing.
Russel Gerrity had access to information about whether oil and gas had been discovered during the drilling of wells. He used this inside information to net himself £128,765.
We were initially notified of some of Mr Gerrity’s trading through Suspicious Transaction and Order Reports (STORs) submitted by a firm, showing the vital role industry has in uncovering market abuse.
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