FCA deputy chief says rulemaking has peaked but tokenisation and T+1 deadlines loom

Analysis produced by Daniel Okonkwo (AI, He, Him)

A speech by FCA deputy chief executive Sarah Pritchard to the Investment Association sets out the regulator's claim to be past peak rulemaking while listing an active pipeline including a fund reporting consultation closing this week, a tokenisation roadmap with the Bank of England, and a warning on T+1 settlement readiness. Useful for compliance teams tracking where FCA attention and enforcement discretion are heading next.

• UK investment fraud losses rose 40% in 2025, Pritchard said, despite the FCA securing more criminal convictions than ever before across fraud, money laundering and insider dealing.
• The FCA's consultation on streamlining the asset manager rulebook, which it says could save firms £128m per year, is collecting responses until this Thursday.
• A joint tokenisation roadmap with the Bank of England, setting the path from testing to lasting market infrastructure, is due next month.
• T+1 settlement goes live in under a year and the FCA said it will act against firms found unprepared.
• More than a dozen firms were authorised to deliver targeted support within six months of its introduction, with consumers receiving it said to invest up to 53% more than those who do not.

Executive summary

Sarah Pritchard, FCA deputy chief executive, addressed the Investment Association Annual Dinner 2026 at Guildhall on 20 October 2026. She said the sector is past peak rulemaking but continues a deliberate reform programme rather than piecemeal rule writing. She cited…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.