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United Kingdom UK Finance — news Financial Crime ✓ 20 claims 1 hr ago

UK Finance calls for sanctions-specific intelligence sharing platform on Iran networks

UK Finance, the banking trade body, argues that individual firms cannot see the full picture of Iranian sanctions evasion networks and makes the case for a government-backed, sanctions-specific information sharing platform. It points to existing legal gateways under the Economic Crime and Corporate Transparency Act 2023 and the fraud-sector CIFAS model as foundations. This is advocacy, not a rule, but it signals where industry wants policy to move.

UK Finance proposes a cross-sector, sanctions-specific information sharing database for regulated firms to pool intelligence on suspected Iranian evasion networks.
It argues ECCTA 2023's warning condition and indirect-sharing gateway, which disapply civil liability and confidentiality obligations, could be leveraged for sanctions, supported by the Data (Use and Access) Act 2025.
FinCEN reported approximately USD 9 billion related to illicit Iranian networks identified in 2024, with the UK financial system described as particularly vulnerable.
The body cites US designations of UK-incorporated Zedcex and Zedxion for processing billions of dollars in stablecoins for the Islamic Revolutionary Guard Corps.
UK Finance says there is no sanctions equivalent of CIFAS's recognition as a Specified Anti-Fraud Organisation under the Serious Crime Act 2007, and government backing would be essential.

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FCA Source document ↗

United Kingdom FCA Conduct & Consumer ✓ 24 claims 03 Nov 2026

FCA backs car finance settlement offers while compensation scheme stays suspended

The FCA has set out what it expects from motor finance lenders that want to make early settlement offers to customers owed redress while the compensation scheme is partially suspended pending court challenges. Barclays Partner Finance will offer some customers now. The regulator published a mandatory consumer factsheet and survey evidence that most complainants want the choice to settle sooner.

Lenders may make settlement offers now, but the FCA expects offers of no less than a customer would receive under the compensation scheme.
Accepting an offer is final: customers keep any money even if courts later imply less, but cannot claim more, and offers cannot be taken to the Financial Ombudsman Service.
Firms must give customers an FCA factsheet and are expected to notify the regulator before making offers; the FCA will list participating lenders online.
Barclays Partner Finance has confirmed it will make settlement offers to some customers owed compensation.
The scheme remains partially suspended, with legal challenges due to be heard between 16 February and 3 March 2027; firms must keep progressing complaints meanwhile.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 19 claims 02 Nov 2026

HMRC sets out VAT margin scheme rules for car dealers' warranties and insurance add-ons

HMRC has published guidance for dealers, chiefly in used vehicles, who sell linked insurance products such as mechanical breakdown cover and guaranteed asset protection alongside warranties. The note sets out when these charges are exempt, standard-rated, or must be excluded from margin scheme calculations, with worked examples showing how disclosure of premiums changes the VAT and Insurance Premium Tax outcome.

The guidance was published by HMRC on 2 November 2026 covering linked insurance products and warranties sold alongside margin scheme goods.
A linked insurance charge is exempt from VAT only if it is under a contract between the insurer and the customer, covers the customer's risk, is optional, and the premium is disclosed to the customer.
If the insurance contract is between the dealer and the insurer and only the dealer's risk of repairing defective items is covered, the charge is standard-rated outside the margin scheme.
A separately charged warranty is always standard-rated and must be excluded from the margin calculation on the underlying goods.
Dealers who do not disclose a gross premium or commission to the insurance provider may need to register and account for the higher rate of Insurance Premium Tax on undisclosed amounts.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 12 claims 02 Nov 2026

FCA sets terms of reference for internal review over Andriesz whistleblower case

The FCA has published terms of reference for an internal review into how it handled whistleblowing disclosures from Mr Simon Andriesz, who has since died. The review's scope has widened and its timeline has slipped, with a progress update due January 2027 and a final report in spring 2027.

The review is led by Lea Paterson CBE, an independent non-executive director of the FCA, and was commissioned by the FCA's non-executive directors.
Scope now includes whether the FCA met its responsibilities under whistleblowing law and followed its own policies and procedures, including handling of Mr Andriesz's detriment concerns.
The review covers the period from at least 2017 to 2026.
A progress update will be published in January 2027, with the final report expected in spring 2027, later than the previously stated early 2027 target.
The review will identify lessons learned and make recommendations for future engagement with external whistleblowers and vulnerable individuals.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Markets & Infrastructure ✓ 21 claims 02 Nov 2026

HMRC sets out rules for VAT margin scheme on imported art and antiques

HMRC guidance published 2 November 2026 explains when importers of art, antiques and collectors' items can use the VAT margin or global accounting scheme, an exception to the normal rule that imports do not qualify. It covers notification, valuation and the treatment of Temporary Admission and artist's resale right charges.

Imported works of art, antiques and collectors' items may use the VAT margin or global accounting scheme as an exception to the normal rule excluding imports.
Dealers must notify HMRC in writing of the date they start using the scheme and must use it for at least two years.
The scheme must be applied to all transactions and goods, not selectively by category.
For VAT purposes, imported goods are valued at 25% of their customs value, illustrated by a £10,000 customs value producing £500 VAT due at 20%.
Artist's resale right charges, introduced into the UK in 2006, are outside the scope of UK VAT and must not be used to reduce the margin.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 10 claims 02 Nov 2026

HMRC clarifies VAT margin scheme rules for repossessed and insurance-claim goods

HMRC has published guidance explaining how the VAT margin scheme applies to repossessed goods and goods obtained through insurance claims. The guidance matters for banks, finance companies and other lenders that regularly acquire and resell such goods, setting out when VAT can be avoided on disposal and when margin scheme treatment survives refurbishment.

Repossessed goods covered include those voluntarily returned under hire-purchase agreements, repossessed under finance agreement terms, or returned under the Consumer Credit Act after 50% of payments made.
Banks and financial institutions need not account for VAT on disposal if goods are sold in exactly the same state acquired and were obtained from a person who would not have charged VAT.
Finance companies selling refurbished or reconditioned repossessed goods may still use a margin scheme if the goods were originally sold under one, even after improvements, repairs or replacement parts.
For refurbished goods resold under the margin scheme, the purchase price for margin calculation is the original price the finance company paid.
Firms must follow the normal margin scheme calculation, keep normal VAT margin scheme records, and show margin scheme transactions on their VAT return.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 15 claims 02 Nov 2026

HMRC updates guidance on lump sum death benefit tax reporting duties

HMRC has revised its guidance for pension scheme administrators on taxing lump sum death benefit payments. The update adds new disclosure requirements tied to the death benefit allowance that apply to payments made on or after 6 April 2024, alongside existing rules on tax treatment and deadlines for reporting to personal representatives.

For payments on or after 6 April 2024, administrators must report the amount of the lump sum and death benefit allowance used up by the payment, replacing the prior lifetime allowance percentage disclosure.
Administrators must provide this information, along with the lump sum amount and payment date, to the deceased member's personal representative within 3 months of the final payment.
Lump sum death benefit payments are taxable where the member or beneficiary was 75 or over when they died, covering defined benefits, uncrystallised funds, drawdown pension fund, flexi-access drawdown fund, pension protection and annuity protection.
Trivial commutation lump sum death benefit payments must always have tax deducted through PAYE.
For payments other than trivial commutation lump sums, administrators deduct Income Tax using the emergency tax code if paid directly to an individual, or the special lump sum death benefits charge if paid to someone other than an individual, or to an individual acting as trustee, personal representative, director or partner.

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FCA Publications Source document ↗

United Kingdom FCA Publications Markets & Infrastructure ✓ 18 claims 02 Nov 2026

FCA flags algo trading, AI and data control gaps in wholesale bank review

The FCA's Autumn 2026 wholesale banks supervision insights sets out crystallised risks drawn from supervisory work and internal audit findings, spanning data management, algorithmic trading, AI governance, financial crime and conflicts of interest. For compliance and risk teams at wholesale banks, it offers a rare look at specific control failures the regulator has observed in practice and its expectations going forward.

Wholesale banks should submit cryptoasset variation of permission applications by 28 February 2027 to be assessed or continue activity before the regime starts on 25 October 2027.
An algorithm defect caused unintended accumulation of a very significant intraday position after pre-implementation testing failed to consider near-simultaneous fills in different geographic locations.
The FCA reviewed 6 wholesale banks' prime brokerage businesses and found limited evidence at some firms of sharing client risk information across surveillance, investigations and KYC functions.
A trader manually entered a notional figure in the billions instead of millions due to misunderstanding a platform's denomination convention, and the trade reached clearing before cancellation.
The FCA will shortly publish a tokenisation roadmap jointly with the Bank of England and is running a thematic Regulatory Sandbox cohort on climate scenario models from 1 October to 30 November 2026.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 14 claims 02 Nov 2026

HMRC sets out VAT margin scheme rules for hire-purchase and part-exchange sales

HMRC has published guidance explaining how dealers who arrange hire-purchase agreements or accept part-exchange goods must calculate VAT under the margin scheme. It covers record-keeping obligations, invoice requirements and two worked examples showing how to treat part-exchange values in the stock book.

When a dealer arranges hire-purchase terms on a customer's behalf, the sale is deemed to be made to the finance company and no VAT is due on finance charges if itemised separately.
Dealers without a copy of the hire-purchase agreement must retain the agreed quotation, proposal documents, the finance company's name, the date and the reference number.
The gross price for margin scheme purposes equals the amount borrowed plus any cash deposit plus any amount allowed for a part-exchange item.
In Example 1, a boat sold for £2,500 after being bought for £1,500, with a £500 part-exchange boat accepted, requires VAT to be accounted for on the full margin of £1,000.
In Example 2, a car allowed £800 in part-exchange must be recorded at £800 as the purchase price even though its book value was only £600.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 11 claims 30 Oct 2026

HMRC says new customer relationship IT programme offers value for money

HMRC has published the summary of its Accounting Officer's assessment of the Enterprise Customer Relationship Management (ECRM) Programme, a major internal technology initiative meant to replace fragmented legacy systems. The assessment, concluded in October 2026, gives a brief verdict on the programme's viability. This is a short corporate disclosure rather than a detailed technical or financial report.

HMRC's Accounting Officer carried out the assessment of the ECRM Programme in October 2026.
The summary was published on 30 October 2026.
The programme will replace fragmented legacy systems with a unified, enterprise-wide customer relationship management platform.
The Accounting Officer concluded the programme is value for money and deliverable.
The stated aim is more personalised, efficient and data-driven services for individuals and businesses.

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FCA Source document ↗

United Kingdom FCA Conduct & Consumer ✓ 23 claims 30 Oct 2026

FCA survey finds young investors miss pressure tactics they spot in horror films

The FCA has published survey findings comparing how UK investors aged 18 to 40 respond to pressure tactics in horror films versus identical tactics used in investment marketing. The data underpins the regulator's InvestSmart campaign and its Hype Type Revealer tool, aimed at reducing high-risk decisions driven by urgency, novelty and peer hype.

65% of respondents identified 'this is your only chance' as a horror warning sign, but only 36% said a 'last chance to buy' investment pitch would make them more cautious, and 37% said it would pressure them to buy quickly.
59% recognised countdown tactics like the ticking clock in Saw, compared with just 5% who said a rising investment price graph would make them suspicious.
47% spotted that horror sequels recycle familiar threats as something new, versus 12% who were sceptical of a 'groundbreaking new' investment product, and 1 in 10 said novelty would make them more likely to invest.
80% recognised 'trust me, it's fine, everyone's doing it' as a horror warning sign, yet 29% said excitement from friends or group chats about an investment would reassure them rather than prompt their own research.
The FCA says initial testing of its Hype Type Revealer tool with more than 600 retail investors reduced high-risk investment decisions by 34.9%, with the effect persisting after seven days.

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Bank of England Source document ↗

United Kingdom Bank of England Governance & Accountability ✓ 20 claims 29 Oct 2026

Bank of England Court sets 50% office attendance rule from 1 October

Routine but revealing governance minutes from the Bank of England's Court of Directors cover a new office attendance mandate, progress on the Leeds relocation programme, committee appointments and succession planning for the Deputy Governor for Markets and Banking. Compliance and HR teams tracking the Bank's internal operating model will find the attendance and location details most material.

Staff will be required to be in the office 50% of the time from 1 October 2026, following the Flexibility Review.
Court noted progress toward a target of 500 staff based in Leeds by the end of 2027 under the Location Strategy Programme.
Court approved a new model for independently led reviews, to avoid overlap with the upcoming NAO review and the IMF's Financial Sector Assessment Program.
David Craig and Hanneke Smits were appointed to the Audit and Risk Committee, the latter effective 1 January 2027, and Paul Nowak to the Remuneration Committee.
The Chair confirmed preparation is underway for recruiting a new Deputy Governor for Markets and Banking as Dave Ramsden's term ends next year.

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FCA Source document ↗

United Kingdom FCA Conduct & Consumer ✓ 13 claims 29 Oct 2026

FCA opens FSCS compensation route for former Verus Financial customers

The FCA is directing former customers of failed adviser Verus Financial Services Limited to the Financial Services Compensation Scheme, which has opened claims following an investigation. The notice sets out how to claim, how Ombudsman complaints interact with FSCS claims, and warns against using claims management firms or third parties.

Verus Financial Services Limited has not held permission to carry out any regulated financial services activity in the UK since 2025.
Verus cannot sell, transfer or reduce its assets without approval from the FCA.
FSCS has placed Verus under investigation and is now open to receive customer compensation claims.
Customers with an existing Financial Ombudsman complaint must still separately file a claim with FSCS, though no evidence resubmission is needed if their file is transferred.
The FCA states most of Verus's former clients will see no benefit from involving a third party, including claims management companies, in making a claim.

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FCA Publications Source document ↗

United Kingdom FCA Publications Markets & Infrastructure ✓ 21 claims 29 Oct 2026

FCA consults on equity tape income sharing and incident reporting for all CTPs

The FCA has opened CP26/39, proposing how the equity consolidated tape provider must divide income with the venues and other firms that supply its data, and extending enhanced operational incident reporting to all CTPs. It matters to anyone contributing to or building UK equity and bond tapes, with the equity tape due to go live in 2027 or early 2028.

The consultation CP26/39 opened on 29 October 2026 and closes on 17 December 2026, with responses feeding into final rules.
Handbook rules will govern how the equity CTP's income share is split among data contributors, applying irrespective of the metric and percentage set in the five-year concession agreement.
Enhanced operational incident reporting would be extended to all CTPs, building on PS26/2 rules that come into force on 18 March 2027.
The FCA expects a Policy Statement on income splitting in spring 2027 and plans for the equity tape to start operating in 2027 or early 2028.
A separate Policy Statement on including SI quotes in the equity tape, plus key procurement documents, is planned by early 2027.

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HM Revenue & Customs Source document ↗

United Kingdom HM Revenue & Customs Governance & Accountability ✓ 16 claims 29 Oct 2026

HMRC pension newsletter flags DigiRAS delay to 2027 alongside IHT changes

HMRC's October 2026 pension schemes newsletter sets out a wide slate of tax and administrative changes affecting schemes, including inheritance tax amendments tied to an April 2027 deadline and a delay to a separate digitalisation project into the same year. Scheme administrators and trustees should treat this as a checklist of items to review rather than a single headline change.

HMRC published Pension Schemes Newsletter 186 on 29 October 2026 via its Pension Schemes Services team.
The newsletter covers minor technical amendments to the extension of inheritance tax to pensions, which takes effect from April 2027.
The digitalisation of the relief at source (DigiRAS) Strategic Payments Service has been delayed until 2027.
The newsletter also addresses tax on excess pension lump sum death benefits following lifetime allowance abolition and the two-year rule for death benefit tax treatment.
HMRC has launched a new online tool to help customers claim pension tax refunds, alongside published pension flexibility and registration statistics.

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FCA Source document ↗

United Kingdom FCA Conduct & Consumer ✓ 21 claims 29 Oct 2026

FCA: weak evidence, not weak pricing, is the usual fair value failing

An FCA director's blog distils supervisory work across consumer finance firms, credit fees and charges, and home energy consumer hire agreements into three questions compliance teams should be asking about their own fair value assessments under the Consumer Duty, now three years in force.

One credit card provider quantified cashback, foreign exchange savings and account benefits and set them directly against fees and interest paid, giving a clear evidence base for its fair value conclusion.
Stronger firms segmented customers by credit risk, product usage, distribution channel, vulnerability characteristics, APR bands and risk-based pricing groups to test fair value across groups rather than as a single homogeneous market.
One firm proactively contacted customers incurring certain charges to check they understood how and when those charges applied, rather than relying only on the existence or readability of disclosures.
The FCA reviewed consumer hire agreements for home energy equipment where 'pay as you save' promotions could lead customers to believe savings or affordability were guaranteed over agreements lasting up to 25 years.
The FCA says firms should be able to show their working: what the evidence shows, how it supports the fair value conclusion, and what they would do if it did not.

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FCA Source document ↗

United Kingdom FCA Digital Assets ✓ 21 claims 29 Oct 2026

FCA secures High Court undertakings forcing HTX exit from UK crypto market

The FCA has closed its financial promotions case against HTX, the global exchange formerly called Huobi, with High Court undertakings and a confidential settlement. The exchange is no longer active in the UK, cannot take new sign-ups or deposits, and has committed not to target UK consumers. The segment covers what binds, what remains, and the signal to other offshore platforms.

Huobi Global S.A. gave undertakings not to communicate financial promotions in contravention of section 21 of FSMA 2000, covering its website, apps and social media.
The FCA commenced proceedings in the High Court on 21 October 2025 and announced the enforcement action publicly on 10 February 2026.
HTX is no longer active in the UK: UK users cannot make deposits and new UK users cannot sign up to the platform.
The settlement terms are confidential and constitute no admission of liability or wrongdoing by Huobi Global or any other entity.
UK users should consult HTX's website for arrangements to withdraw any residual assets.

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Bank of England Source document ↗

United Kingdom Bank of England Digital Assets ✓ 13 claims 29 Oct 2026

Bank of England consults on CCPs accepting tokenised collateral in clearing

The Bank of England has opened a consultation on how central counterparties can accept tokenised forms of eligible collateral. It covers a proposed Supervisory Statement clarifying how the Bank would assess such applications, and sits within the wider UK push on digital wholesale markets. Worth a few minutes for anyone running collateral, clearing or tokenisation workstreams.

The Bank of England opened the consultation on 29 October 2026, with responses due by 12 February 2027.
The Bank considers the existing regulatory framework is not a barrier to CCPs accepting tokenised eligible collateral, provided it meets central clearing standards.
Tokenised collateral must remain capable of being valued, transferred and realised when needed, including in stressed conditions.
A proposed Supervisory Statement would clarify how the Bank assesses applications involving tokenised collateral, applying same risk, same regulatory outcome.
The work is part of joint activity with the FCA, HM Treasury and industry on UK digital wholesale financial markets.

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Bank of England Publications Source document ↗

United Kingdom Bank of England Publications Digital Assets ✓ 19 claims 29 Oct 2026

Bank of England sets out expectations for CCPs accepting tokenised collateral

The Bank of England has opened a consultation on draft supervisory expectations for central counterparties that want to accept tokenised versions of collateral already eligible under the proposed UK CCP Rulebook. It creates no new regime but clarifies what the Bank expects CCPs to consider, and separately asks industry about stablecoins, tokenised money market fund units and tokenised gold as future collateral. Responses close 12 February 2027.

The draft supervisory statement creates no separate regime but clarifies token-specific factors CCPs must consider under the existing CCP Rulebook process.
Expectations cover liquidity, valuation and interoperability, settlement finality, credit and concentration risk, operational resilience, and custody and safeguarding.
Any new collateral type, including tokenised versions of already-accepted assets with non-identical risks, requires the Bank's permission through the margin permissions process.
The expectations apply to UK CCPs and to recognised non-UK CCPs the Bank deems systemically important to UK financial stability.
The consultation closes on 12 February 2027 and separately seeks views on stablecoins, tokenised MMF units and tokenised gold as future collateral.

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Department for Business and Trade — export control Source document ↗

United Kingdom Department for Business and Trade — export control Governance & Accountability ✓ 13 claims 29 Oct 2026

UK guidance on employment agency rules updated to name Fair Work Agency

This is a housekeeping update to long-standing guidance on the Conduct of Employment Agencies and Employment Businesses Regulations 2003. It matters mainly for recruitment firms checking who to contact and which regulator now enforces the rules, following the creation of the Fair Work Agency.

From 7 April 2026 the Fair Work Agency (FWA) replaced the Employment Agency Standards (EAS) Inspectorate as the body named in the guidance.
On 29 October 2026 the department updated contact details at the bottom of each attachment from Employment Standards Agency to Fair Work Agency.
On 22 June 2026 the PDF version of the guidance was removed and replaced with an accessible HTML version.
Regulation 13A requires a 'Key information document' for agency workers, a requirement that took effect from 6 April 2020.
The guidance also covers Regulation 18 on information agencies must obtain from hirers and Regulation 21 on information to be provided to work-seekers and hirers.

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Department for Business and Trade — export control Source document ↗

United Kingdom Department for Business and Trade — export control Governance & Accountability ✓ 14 claims 28 Oct 2026

UK updates voluntary code for executive search firms on board diversity

This briefing covers a minor but notable update to the UK's voluntary code of conduct for executive search firms, which governs how search firms run board-level hiring processes. The code underpins gender diversity targets on UK boards and has just been amended twice in under a year.

The code of conduct was last amended on 28 October 2026 to remove 'FTSE' from references to the Women Business Leaders Review.
A 5 January 2026 update revised the introduction, provisions 1, 2 and 5, and the 'embedding and developing the code' section.
The code has set a longlist target of 40% since an update made on 16 March 2021.
Around 100 executive search firms have signed the code, which the department says cover the vast majority of UK board work.
The code originates from the 2011 Davies Review and was last substantively republished on 15 November 2017.

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HM Treasury Consultations Source document ↗

United Kingdom HM Treasury Consultations Governance & Accountability ✓ 15 claims 28 Oct 2026

HM Treasury consults on corporate tax simplification to support investment

HM Treasury has opened a short consultation on simplifying the UK Corporate Tax system to improve certainty and support business investment, growth and competitiveness. It identifies areas where stakeholders have raised concerns about complexity and administrative burden and asks for input before detailed proposals are developed. Responses close on 21 November 2026, and the government says it will spend the following year prioritising and testing options.

The consultation was published by HM Treasury on 28 October 2026 and closes at 11:59pm on 21 November 2026.
It explores targeted simplification of the Corporate Tax system to support investment, growth and competitiveness.
The document identifies areas where stakeholders have raised concerns about complexity, uncertainty and administrative burdens.
The government says it will work with stakeholders over the next year to prioritise and test options before developing detailed proposals for the highest-priority areas.
Responses can be submitted by email to ct.simplification@hmrc.gov.uk.

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FCDO — sanctions announcements Source document ↗

United Kingdom FCDO — sanctions announcements Governance & Accountability ✓ 12 claims 28 Oct 2026

HMRC to require VAT and PAYE Direct Debit mandates from April 2029

HMRC has published its response to a 2026 consultation on requiring VAT and PAYE payments by Direct Debit. This briefing covers the final policy decision, the new implementation date, and the flexibility businesses retain to use alternative payment methods.

The consultation on requiring VAT and PAYE payments by Direct Debit ran from 9:30am on 23 June 2026 to 11:59pm on 16 August 2026.
HMRC published a summary of responses and its final policy outcome on 28 October 2026.
Businesses will be required to have a Direct Debit mandate in place by April 2029.
Businesses will retain flexibility to pay VAT and PAYE by another method before the payment due date, even once a mandate is in place.

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HM Treasury Consultations Source document ↗

United Kingdom HM Treasury Consultations Governance & Accountability ✓ 14 claims 28 Oct 2026

HM Treasury reports back on business rates reform to lift investment

HM Treasury has published its summary of responses to the Business Rates and Investment Call for Evidence, part of its multi-year Transforming Business Rates programme. The exercise tested whether moving to a marginal tax rate and reforming the receipts and expenditure valuation method would ease barriers to capital investment. This item covers what was consulted on and where reform now sits.

The Business Rates and Investment Call for Evidence ran from 1pm on 26 November 2025 to 11:55pm on 18 February 2026, with a summary of responses added on 28 October 2026.
The government committed to explore moving to a marginal tax rate, where successive bands are taxed at increasing rates, following the Transforming Business Rates Interim Report.
Ratepayers with large capital expenditure raised concerns about the impact of the receipts and expenditure (R&E) valuation methodology on investment decisions.
The exercise also sought views on Small Business Rates Relief, Improvement Relief, Empty Property Relief, pre-list discussions and transparency.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 21 claims 27 Oct 2026

FCA confirms Bullseye Financial has entered administration

The FCA has published a customer notice confirming that Bullseye Financial Ltd, an FCA-authorised firm serving only professional investors, entered administration on 23 October 2026. The notice directs customers to the joint administrators, flags FSCS and Ombudsman routes, and warns about recovery-room scams. It also records a link to HDH Investment Services Ltd, which went into liquidation in April.

Bullseye Financial entered administration on 23 October 2026, with joint administrators from Azets and RSM UK appointed.
The firm served only professional investors, providing discretionary management or execution-only dealing without investment advice.
On 11 March 2026 the firm agreed a voluntary requirement to cease all regulated activity.
Bullseye Financial provided some services to clients of HDH Investment Services Ltd, which entered liquidation on 16 April 2026.
The FCA says the firm remains authorised and supervised and must still comply with FCA rules, while the administrators answer to their own regulators and insolvency law.

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FCDO — sanctions announcements Source document ↗

United Kingdom FCDO — sanctions announcements Financial Crime ✓ 27 claims 27 Oct 2026

Ofqual fines Innovate Awarding £185,000 over qualification fraud failings

Ofqual has penalised awarding organisation Innovate Awarding over its handling of a single centre delivering a Level 3 business administration diploma. The case turns on how long weak controls and a slow investigation left doubtful certificates in place, and sets out what a settlement with the exam regulator now costs. It matters to anyone responsible for fraud oversight across a network of delivery partners.

Ofqual fined Innovate Awarding £185,000 and ordered a £15,000 contribution to investigation and enforcement costs.
Of 858 learners awarded the Level 3 diploma between January 2021 and December 2024, 851 were registered through the centre in question, and 847 of those certificates have been revoked.
Innovate flagged concerns in January 2024 after 130 learners were registered and certificated within 24 hours, but only widened its investigation after Ofqual engaged.
Certificate withdrawals were completed in August 2026, more than two years after concerns first emerged.
Innovate admitted breaching rules A5.1 (via A5.2), A6.1, A6.2, A8.1, A8.2, A8.3, B4, C1, C2, G8.1(b), H2 and H5.3(b), and agreed to 12 months of monitoring.

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HM Treasury Source document ↗

United Kingdom HM Treasury Governance & Accountability ✓ 17 claims 27 Oct 2026

HM Treasury issues August 2026 Preston factors for part-time pension reinstatement

HM Treasury has released the August 2026 Preston factors, the actuarial earnings and interest figures employers use to cost retrospective occupational pension service for part-time workers entitled to reinstatement. The release follows the 2000/2001 ECJ and House of Lords rulings. It matters to anyone administering a scheme with outstanding Preston reinstatement claims, because these factors set what a reinstated member must pay.

HM Treasury published the Preston guidance for August 2026 on 1 October 2026 for use by employers.
The release contains two Excel files: the Preston factors (95.2 KB) and an Employee NICs Rebate file (56.2 KB).
The factors price retrospective occupational pension service at an actuarially fair cost under the guidance.
The stated aim is to leave reinstated part-timers no better and no worse off than if they had contributed when originally employed.
The guidance follows the European Court of Justice and House of Lords rulings in 2000/2001 on part-timers' retrospective scheme access.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 23 claims 27 Oct 2026

FCA survey finds firm satisfaction up to 79%, trust rises to 75%

The FCA has published results from its annual survey with the Practitioner Panel, measuring how regulated firms view its performance. The data cover satisfaction, trust, effectiveness and understanding of specific objectives including Consumer Duty and the secondary competitiveness objective. Compliance and government affairs teams tracking the FCA's relationship with industry and its simplification agenda should note the figures.

79% of firms reported high satisfaction with their FCA relationship, up from 74% last year.
76% of firms rated the FCA a highly effective regulator, up from 69%, and 75% reported high trust.
Understanding of the Secondary International Competitiveness and Growth Objective rose 27 percentage points, with confidence in its delivery up 25 points.
88% of firms said they understand FCA expectations on supporting consumers and embedding the Consumer Duty.
The FCA says it is removing outdated or duplicated data returns for 90% of firms and delivered an estimated £5.6bn in benefits to consumers and the economy in its strategy's first year.

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FCA Source document ↗

United Kingdom FCA Markets & Infrastructure ✓ 24 claims 27 Oct 2026

FCA director sets out completed reforms and tokenisation roadmap for UK markets

A speech by the FCA's director of infrastructure and exchanges reviews the regulator's multi-year capital markets reform programme and previews further work on tokenisation, AI and private markets. Compliance and markets teams tracking the UK's wholesale reform agenda, including digital gilt issuance and stablecoin rules, should note the stated direction of travel and forthcoming publications.

The FCA says it has completed around 30 capital-markets focused workstreams as part of a multi-year reform programme.
The bond consolidated tape launched in June, described as the first outside North America, with 1.6 million licences subscribed.
Four PISCES operators have been authorised and seven transactions completed on the new private share trading market.
A joint FCA-Bank of England roadmap on tokenisation of wholesale markets will be published in coming weeks.
The digital gilt (DIGIT) is expected to launch via the Digital Securities Sandbox early next year.

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UK Competition and Markets Authority Source document ↗

United Kingdom UK Competition and Markets Authority Conduct & Consumer ✓ 17 claims 26 Oct 2026

CMA consults on user choice rules for Google search under digital markets regime

The CMA has run a short consultation on a reworked user choice conduct requirement for Google's general search services, the latest step in the strategic market status regime opened in October 2025. The page confirms the consultation window, lists the responses received and identifies the two underlying documents. For search rivals, publishers and AI firms, this sets the shape of how Google must present consumer choices.

The CMA consulted on an updated user choice conduct requirement for Google's general search services from 10am on 23 September 2026 to 5pm on 9 October 2026.
Google was designated in October 2025 as having strategic market status in general search and search advertising, together termed general search services.
The proposal develops a choice architecture requirement first consulted on within a wider conduct requirement package on 28 January 2026.
Supporting material comprises a 72-page consultation document and 57 pages of user research on choice screens in search.
Responses published on 26 October 2026 came from search rivals, publishers and AI firms including DuckDuckGo, Microsoft, Mozilla, OpenAI, Samsung and Which?, with remaining responses still being processed.

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FCA Source document ↗

United Kingdom FCA Conduct & Consumer ✓ 19 claims 26 Oct 2026

Adviser Chandler King enters creditors' voluntary liquidation after FOS complaints

This item covers the collapse of Chandler King (City) Limited, an FCA-authorised financial adviser, into creditors' voluntary liquidation. It sets out what triggered the failure, who now administers client claims, and how the FSCS compensation scheme applies. Relevant for firms monitoring adviser-sector insolvencies and FOS complaint patterns on suitability.

Chandler King (City) Limited entered creditors' voluntary liquidation on 17 September 2026.
Grace Jones and Karyn Jones of Parker Andrews were appointed as joint liquidators.
On 28 April 2026 the firm agreed a voluntary requirement with the FCA restricting its activities.
The Financial Ombudsman Service upheld complaints that the firm gave unsuitable investment advice without adequately explaining risks.
Eligible clients can claim up to £85,000 from the FSCS for custody assets and client money shortfalls.

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FCA Source document ↗

United Kingdom FCA Financial Crime ✓ 17 claims 26 Oct 2026

FCA says defence SMEs face banking friction and delay, not exclusion

The FCA has published findings on whether small defence-sector businesses can access everyday banking services. The piece matters to compliance teams at banks and other firms serving this sector because it sets out the regulator's read on where risk-based onboarding is falling short, without creating new rules.

The FCA engaged with firms and found they can and do serve defence SMEs, with some investing in specialist teams and governance processes.
The regulator identified friction and delay, including long onboarding processes and repeated requests for information, rather than widespread exclusion.
The FCA states there is no regulatory barrier preventing firms from supporting lawful defence businesses, and firms retain their own commercial risk appetite.
Many firms told the FCA they lack a clear picture of their defence customers or the outcomes those customers experience through the firm's processes.
The work introduces no new rules or requirements but reinforces that firms should take risk-based, proportionate decisions on individual customers, including SMEs.

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FCA Publications Source document ↗

United Kingdom FCA Publications Conduct & Consumer ✓ 19 claims 26 Oct 2026

FCA finds friction, not exclusion, in banks' treatment of defence SMEs

The FCA has published findings from a discovery exercise into how defence sector SMEs experience banking services. The review covers retail banks, building societies and some e-money firms, and sets out expectations on risk categorisation, reputational considerations and management information, without creating new rules.

The review applies to retail banks, building societies and some payment and electronic money institutions.
SMEs are defined as businesses with fewer than 250 employees and turnover not exceeding £44 million or balance sheet total not exceeding £38 million.
The FCA has written to firms that provide banking services to SMEs to share these findings and set out its expectations.
Firms should expect this publication to be treated as point-in-time and can consider it retired by December 2028 if not removed sooner.
The FCA states it will monitor firm responses through supervision and intervene where necessary.

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Bank of England Publications Source document ↗

United Kingdom Bank of England Publications AI, Technology & Data ✓ 27 claims 26 Oct 2026

Third parties now run most high-materiality AI in UK finance, BoE and FCA find

The Bank of England and FCA have published the fourth edition of their AI survey, covering 196 UK financial services firms. It maps how far adoption has run since 2024, the shift to generative AI and agents, and where supervisory concern is concentrating: third-party dependency, provider concentration and the gap between pre and post-deployment controls.

86% of respondents reported using AI, up from 75% in 2024, and generative AI accounted for 56% of all reported AI systems.
Third-party implementations made up 39% of reported AI systems and 53% of high-materiality systems, up from 35% in 2024.
The three largest cloud and compute providers accounted for 79% of reported relationships, yet only 35% of high-criticality, hard-to-substitute cloud relationships had tested exit plans.
80% of respondents had AI agents deployed, almost all for decision support, with only 2% reporting agents with broad autonomy.
88% of respondents assessed evolving frontier AI cyber capabilities over the next two years as having a moderate or high impact on their firm's risk profile.

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FCA Source document ↗

United Kingdom FCA Conduct & Consumer ✓ 15 claims 26 Oct 2026

FCA orders board-level review of whistleblower contact after Simon Andriesz's death

The FCA's general counsel has disclosed the death of a long-standing whistleblower and announced an internal review of how the regulator interacted with him. The blog also sets out whistleblowing report volumes and outcomes for the past year, giving compliance teams a rare look at how the FCA processes and acts on tips.

Whistleblower Simon Andriesz, who had been in contact with the FCA for many years, died just over a week before the blog's publication on 6 October 2026.
The FCA has asked newly appointed independent non-executive board director Lea Paterson to review how it interacted with Mr Andriesz.
The FCA plans to share any lessons from Paterson's review, and how it will act on them, early next year.
Whistleblowing reports to the FCA increased 22% last year, and the regulator closed 1,252 reports, providing feedback on each one.
Of the closed reports, 42% led to direct action to manage or reduce harm and 53% informed wider FCA work and harm prevention.

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NCSC UK Source document ↗

United Kingdom NCSC UK Financial Crime ✓ 12 claims 26 Oct 2026

NCSC issues alert after ASOS customer data accessed in cyber incident

The NCSC has published an alert on a cyber incident affecting ASOS, after customers received an unauthorised push notification. The retailer says personal data was accessed but believes payment and password data were not. This briefing covers what ASOS has disclosed, who the NCSC says is affected, and the recommended steps for individuals.

ASOS customers received an unauthorised push notification from the company on Tuesday 6 October.
ASOS has said names and contact details of customers have been accessed in the incident.
ASOS has said it does not believe payment card information or account passwords were affected.
The NCSC advises all ASOS customers to assume they are affected, even if they did not receive the notification.
The NCSC lists six recommended actions: confirm you're affected, watch for scams, update vulnerable passwords, review account activity, recover compromised accounts, and check for wider exposure.

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UK Competition and Markets Authority Source document ↗

United Kingdom UK Competition and Markets Authority Governance & Accountability ✓ 20 claims 26 Oct 2026

CMA to review £401.2m Defra subsidy for Canal & River Trust

The CMA's Subsidy Advice Unit has opened a referral into a proposed £401.2 million Defra subsidy to the Canal & River Trust, covering 2027 to 2037. This briefing covers the administrative timetable, the subsidy's structure and policy objectives, and how interested parties can make submissions.

The proposed subsidy totals £401.2 million, paid to the CRT over the period 2027 to 2037.
The initial grant in 2027 to 2028 is £49.99 million, tapering downwards by 5% each subsequent year to £31.51 million in nominal terms by 2036 to 2037.
Third-party submissions on the Assessment of Compliance are due by 19 October 2026.
The SAU's report to Defra is due for publication on 16 November 2026, within a 30 working day reporting period that began on 6 October 2026.
The CRT manages around 2,000 miles of inland waterways across England and Wales and employs around 1,600 people.

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Bank of England Publications Source document ↗

United Kingdom Bank of England Publications Prudential & Capital ✓ 25 claims 26 Oct 2026

BoE balance sheet shows £855bn total assets as at 30 June 2025

This is the Bank of England's quarterly consolidated balance sheet, published with a standard five-quarter lag, covering the position as at 30 June 2025. It sets out sterling and foreign currency assets and liabilities in full, giving compliance and treasury teams a reference point for the Bank's balance sheet size and composition at that date.

Total assets and total liabilities both stood at £855,389mn as at 30 June 2025.
Reserves balances were the largest liability item at £681,248mn.
The loan to the Asset Purchase Facility was the largest asset item at £622,521mn.
TFSME loans stood at £83,000mn and notes in circulation at £93,055mn.
The balance sheet is published quarterly and reflects data for five quarters earlier than the publication date.

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Bank of England Source document ↗

United Kingdom Bank of England Markets & Infrastructure ✓ 14 claims 26 Oct 2026

BoE money markets committee launches 2027 review of UK code

Minutes from the Bank of England's Money Markets Code Sub-Committee cover attestation numbers, governance housekeeping and the timetable for the next review of the UK Money Market Code. Relevant for firms active in unsecured deposits, funding, securities lending and repo markets that track voluntary code adherence and settlement infrastructure developments.

Nine firms attested to the UK Money Market Code in 2026, including two banks since the June 2026 meeting.
234 firms have signed the Statement of Commitment since the Code launched in April 2017, with no withdrawals to date.
The Committee asked the secretariat to analyse the potential population of in-scope firms to improve targeted promotion of the Code.
A full Code review will begin in October 2026, with an updated version due for publication in 2027, following the last update in June 2024.
The Committee is monitoring Euroclear UK & Ireland's contingency arrangements for a CREST outage, known as 'mini-CREST', and its implications for gilt and repo settlement.

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Companies House Source document ↗

United Kingdom Companies House Digital Assets ✓ 11 claims 26 Oct 2026

Companies House publishes accessibility statements for its identity verification services

Companies House has published accessibility statements for the service subdomains it runs, including two identity-related services and its webchat. The page sets out what each statement must cover. It is a compliance and transparency artefact rather than a rule change, but it signals which Companies House digital services are now live and user-facing.

Companies House has published accessibility statements for three named services, including two identity verification services and the Companies House Webchat.
Each statement records how accessible the service is, how to report problems, when it was prepared, and when the service was last tested.
The page was first published on 9 December 2025, with a Welsh translation added on 8 January 2026.
An English and Welsh accessibility statement for the Webchat service was added on 6 October 2026.

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HM Treasury Source document ↗

United Kingdom HM Treasury Governance & Accountability ✓ 13 claims 23 Oct 2026

Ministry of Justice adds four major-project assessments to GMPP transparency page

HM Treasury and the Ministry of Justice refreshed the page listing accounting officer assessment summaries for MOJ projects in the Government Major Projects Portfolio. The update adds several 2026 entries, including a batch dated 26 February 2026 and a further Accelerated Houseblocks Delivery Programme addendum on 12 October 2026. For anyone tracking public spending governance, it is a window into how departments evidence regularity, propriety, value for money and feasibility.

The page was first published on 25 July 2019 and was last updated on 12 October 2026 with an Accelerated Houseblocks Delivery Programme: Programme Business Case 3 Addendum.
The 26 February 2026 batch lists four items: the Future Voice Service Full Business Case, the HMP Norwich Major Refurbishment Project, a Programme Business Case 3 Addendum for HMP Wayland, and the Community Support Programme.
Departmental accounting officers must assess every GMPP project against regularity, propriety, value for money and feasibility.
The Accelerated Houseblocks Delivery Programme appears twice in 2026, with Programme Business Case 3 Addendum entries on 26 February 2026 and 12 October 2026.

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Bank of England Source document ↗

United Kingdom Bank of England Prudential & Capital ✓ 14 claims 23 Oct 2026

PRA proposes 128 regulatory thresholds track nominal GDP automatically

The PRA has opened a consultation proposing that 128 thresholds across banking, insurance and credit unions rise automatically in line with nominal GDP, rather than through manual updates. This affects which rules apply to firms and what they must report, with the first change set for 2031.

The PRA proposes that 128 thresholds across banking, insurance and credit unions increase automatically with nominal GDP.
The largest in-scope threshold is £320 billion in total assets for detailed capital reporting; the smallest is £7,500 covering amounts owed to a credit union by an individual.
The first automatic update would take place on 1 July 2031, with further updates every five years thereafter.
The PRA selected nominal UK GDP, published by the Office for National Statistics, as the indexation metric over measures such as the Consumer Price Index or real GDP growth.
The consultation opens 7 October 2026 and closes 7 February 2027, with some thresholds excluded and instead addressed in a parallel discussion paper under Section 4 of CP13/26.

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FCA Publications Source document ↗

United Kingdom FCA Publications Governance & Accountability ✓ 18 claims 23 Oct 2026

FCA finds governance gaps at benchmark administrators in multi-firm review

This review closes a supervisory programme the FCA began after its 2024 portfolio letter flagged governance weaknesses at benchmark administrators. It sets out observations across five areas, from board composition to assurance, intended to help firms assess their own arrangements rather than prescribe a single model. Compliance and risk teams supporting benchmark administration should read it as a diagnostic checklist.

The review is the final part of supervisory work launched after the FCA's 2024 portfolio letter identified governance weaknesses at a number of benchmark administrators.
The FCA assessed firms across five areas: board composition and capability, board engagement and challenge, governance structure and escalation, board packs and information flow, and governance assurance.
In some cases governance records did not clearly capture board decisions, challenge, decision rationale and resulting actions.
The FCA found information and escalation flows between UK regulated entities and wider group governance forums were less developed in some cases.
The FCA says it will use the findings to inform supervisory engagement and encourages administrators to engage with the government's ongoing review of the UK Benchmarks Regulation.

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Bank of England Publications Source document ↗

United Kingdom Bank of England Publications Markets & Infrastructure ✓ 12 claims 23 Oct 2026

BoE study finds QE effectiveness hinges on why non-banks are growing

This Bank of England staff working paper models how monetary policy transmits through an economy as non-bank financial institutions (NBFIs) grow. For compliance and policy teams at banks and asset managers, it offers a research-based signal on how regulators may think about the diverging roles of banks and shadow credit providers in future stimulus design.

The paper is Bank of England Staff Working Paper No. 1,212, published 23 October 2026 and authored by Nicolò Bandera, Kristina Bluwstein, Michael Kumhof, Mauricio Salgado-Moreno and Jacob Stevens.
The authors build a DSGE model incorporating banks, NBFIs and a central bank interacting via wholesale deposits, bonds and reserve markets, estimated on UK data.
Conventional interest rate policy transmission to output and inflation is found to be essentially unaffected by the size of the NBFI sector.
Quantitative easing transmission is found to be strongly altered by NBFI sector size and by the source of its expansion, with amplification occurring when NBFI growth stems from firm funding preferences but not when it stems from higher bank finance costs.
The paper states that monetary policymakers retain rate control regardless of financial structure, but that balance sheet policy effectiveness depends on the composition and behaviour of the non-bank sector.

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Bank of England Source document ↗

United Kingdom Bank of England Markets & Infrastructure ✓ 25 claims 23 Oct 2026

BoE securities lending committee flags T+1 readiness gaps and AI governance risks

The Bank of England's Securities Lending Committee met on 15 September 2026 to review T+1 settlement preparations, tax harmonisation challenges, digital asset developments and emerging AI use cases in securities finance. The minutes, published 22 October, give compliance teams a read on industry-wide readiness gaps and the issues supervisors and market bodies are watching ahead of October 2027 implementation.

The committee noted industry participants are broadly on track for T+1 implementation in October 2027 but highlighted significant differences in readiness between firms.
Persistent operational challenges include securities lending recalls, collateral sourcing, funding, settlement timing, partial settlements and agent lender capabilities.
The Tax & Regulations sub-committee reported increased operational challenges from holding-period rules and record date requirements across national tax regimes, which T+1 could amplify.
The group discussed a legal case involving potential re-characterisation of a securities financing transaction as a secured loan, which it said could have significant implications for repos and securities lending.
Members raised concerns about AI use in governance, resilience, vendor oversight and data security, particularly if AI systems gained access to sensitive operational data.

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FCA Publications Source document ↗

United Kingdom FCA Publications Conduct & Consumer ✓ 22 claims 23 Oct 2026

FCA finds private market conflicts controls lagging behind business complexity

The FCA has published detailed findings from its multi-firm review of how private market firms identify, manage and disclose conflicts of interest. It covers asset managers, AIFMs and advisers in private equity, private credit and real estate, and sets out where governance and controls have failed to keep pace with growing business complexity. The regulator expects firms to close gaps and signals targeted follow-up work.

The review assessed firms against SYSC 10, COLL 8.5.7, COBS 2.3A.8R, COBS 11.7 and COBS 11.7A, running in two phases: a questionnaire followed by on-site visits.
On cross-fund transfers and continuation vehicles weaker frameworks relied more heavily on existing governance, disclosure or investor consent; on gifts and entertainment they relied on policy thresholds and generic approvals; and on information barriers they relied on staff training, judgement and informal safeguards.
Only 52% of phase 1 firms said internal audit had a role in reviewing the conflicts framework and its application.
The FCA criticised firms whose conflicts frameworks reflected the legal form of UK activities as advisory-only while UK staff were involved in significant, conflict-generating parts of the investment lifecycle.
In one case a firm sold a fund asset to an internal fund at NAV rather than pursuing external buyer interest, and could not explain why or how the NAV price served the selling fund.

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FCA Source document ↗

United Kingdom FCA Prudential & Capital ✓ 20 claims 23 Oct 2026

FCA chair calls for cross-border testing of cloud and AI risks to finance

In a lecture honouring the late Michael D. Gill, FCA Chair Ashley Alder argues that financial risk now travels across firms, sectors and borders faster than regulators built in silos can track. He sets out why the UK's Critical Third Parties Regime, supervisory intelligence-sharing and joint crisis exercises need to expand internationally. Relevant for firms watching how operational resilience obligations may extend beyond financial services.

The FCA, Bank of England and Prudential Regulation Authority's Critical Third Parties Regime currently covers major cloud computing providers, marking the first time UK financial regulators have extended reach outside the financial sector.
The FCA hosted a financial crime conference this year with more than 400 attendees from government, regulators, industry, professional bodies and tech firms.
The UK participated in a G7 cyber crisis simulation exercise earlier this year to test cross-border coordination during a major incident.
The Global Financial Innovation Network, which Alder says the FCA is leading on a quantum toolkit due next month, draws on insights from 25 members including US regulators.
The FCA is working with the Monetary Authority of Singapore to develop tools supporting safe, responsible AI adoption.

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FCA Source document ↗

United Kingdom FCA Governance & Accountability ✓ 14 claims 23 Oct 2026

FCA finds uneven conflicts management across private market firms

The FCA has published findings from a review of how private market firms identify, manage and disclose conflicts of interest. Standards varied considerably across private equity, private credit and real estate, with some firms failing to keep controls in step with their own growth. The regulator wants firms to act on the findings, and signals a wider supervisory focus on private markets and investor outcomes.

The FCA review covered conflicts of interest and fair customer treatment across private equity, private credit and real estate.
Recurring weaknesses were found in cross-fund transfers and multi-party transactions, gifts and entertainment, and information barriers.
The FCA expects firms to identify, record, manage and disclose conflicts effectively and to demonstrate investors are treated fairly.
Separately, the FCA is examining governance and conflicts concerns relating to the use of private credit to fund consumer litigation claims.

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FCA Publications Source document ↗

United Kingdom FCA Publications Financial Crime ✓ 16 claims 23 Oct 2026

FCA consults on Financial Crime Guide updates covering AI, crypto and sanctions

The FCA has opened CP26/38, a consultation on updates to its Financial Crime Guide intended to keep firms' systems and controls aligned with emerging risks. It spans seven areas, from fraud and sanctions to the incoming cryptoasset regime. Anyone supervised for financial crime under the MLRs should read the proposals and respond before the December deadline.

The consultation opened 23 October 2026 and closes for responses on 24 December 2026.
Proposed changes span seven areas including fraud, sanctions, proliferation financing, data security and money laundering.
Crypto-related updates are intended to reflect the new cryptoasset regime arriving from October 2027.
The FCA will publish feedback and the final Financial Crime Guide text in a Policy Statement.
The FCA is exploring publishing standalone guidance without prior consultation where it is not required, to be consolidated into the Guide later.

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FCA Source document ↗

United Kingdom FCA Financial Crime ✓ 16 claims 23 Oct 2026

FCA restricts six Annex 1 lenders over money laundering control concerns

The FCA has placed restrictions on six unregulated lenders registered as Annex 1 firms after raising concerns about their anti-money laundering controls during application assessments. The action sits within a wider review of roughly 900 registered firms. This segment covers who is affected, what the restrictions require, and the due diligence reminder the FCA directed at regulated firms dealing with the sector.

The FCA imposed voluntary restrictions on six Annex 1 firms after concerns about their AML controls surfaced during application assessments.
Restrictions limit new customers and new business, constrain payments from existing customers, and require independent AML reviews or, for Kingscrown Finance Ltd, an orderly wind-down of its loan book.
The FCA is assessing responses to an information request sent to around 900 registered Annex 1 firms to identify and disrupt financial crime risks.
The FCA reminded regulated firms that an Annex 1 firm's registration does not replace their own due diligence, including confirming registration status and conducting independent checks.

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