Regulation

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High Court upholds FCA’s first use of “name and shame” powers

By Chris Webber on Posted in Dispute Resolution, Investigations, Motor finance, Regulation
The High Court’s judgment in R (Claims Protection Agency Limited) v Financial Conduct Authority is a milestone for regulatory publicity. In a case closely watched by the financial services community, the court upheld the FCA’s decision to publicly identify a regulated firm as the subject of an enforcement investigation under its new “exceptional circumstances” publicity … Continue Reading

FCA Enforcement Watch 1 – clues for asset managers about enforcement risks in 2026

By Chris Webber on Posted in Investment Management, Regulation
The FCA’s publication of Enforcement Watch 1 marks an important shift in how the regulator communicates enforcement risk to the market. While the FCA has stepped back from proposals to routinely name firms under investigation, Enforcement Watch signals a targeted transparency approach, designed to highlight priorities and shape behaviour – without waiting for final outcomes. … Continue Reading

The Property (Digital Assets etc) Act 2025 – Why It Matters

By Christian Toms on Posted in Contracts and Agreements, Crypto-Assets, Dispute Resolution, Fraud and Financial Crime, Regulation
On 2 December 2025, the Property (Digital Assets etc) Act 2025 (the “2025 Act”) came into force. The Act confirms that digital assets can attract personal property rights even though they fall outside traditional classifications. The Act is deliberately short, leaving the development of this new category of personal property, and the rights that may … Continue Reading

FCA publishes views on firms’ risk assessment processes and controls

By Chris Webber on Posted in Fraud and Financial Crime, Regulation, Uncategorized
The FCA has recently published its multi-firm review: Risk assessment processes and controls in firms: our findings (11 November 2025) which focuses on how regulated firms are conducting business-wide risk assessments (BWRA) and customer risk assessments (CRA). Weak risk-assessment frameworks can invite regulatory scrutiny, so firms should consider whether the review findings warrant changes to … Continue Reading

FCA’s discretion upheld in IRHP redress scheme judicial review

By Chris Webber on Posted in Banking, Mis-Selling, Motor finance, Regulation
Timely insights into the design of mass consumer redress schemes In R (All-Party Parliamentary Group on Fair Banking) v Financial Conduct Authority [2025] EWHC 525 (Admin), the High Court examined the FCA’s decision regarding the exclusion of certain customers from the scope of the voluntary Interest Rate Hedging Products (IRHP) redress scheme established in 2012, … Continue Reading

Opening salvo – enforceability of litigation funding agreements in a post-PACCAR world?

By Christian Toms on Posted in Contracts and Agreements, Dispute Resolution, Litigation Funding, Regulation
The recent interim judgment of Therium Litigation Funding A IC v Bugsby Property LLC [2023] EWHC 2627 (Comm) appears to give us an early indication of what might become key battlegrounds between Third-Party Funders and certain funded litigants in the wake of the Supreme Court’s impactful determination in R (PACCAR) v Competition Appeal Tribunal [2023] … Continue Reading

Ready or not, here comes the Consumer Duty

By Chris Webber and Ian Debbage on Posted in Banking, Insurance, Investment Management, Mis-Selling, Pensions, Regulation
Since July 2022 when the FCA published its rules and guidance to implement the Consumer Duty, much ink has been spilled on what it will mean for affected firms. Now, with the clock ticking down to implementation on 31 July 2023, the FCA has published the findings of its review of a number of larger … Continue Reading

FCA tightens appointed representative regime

By Chris Webber and Mariyam Harunah on Posted in Mis-Selling, Regulation
In August 2022, the FCA released a policy statement introducing improvements to the appointed representative (“AR“) regime. In its policy statement, the FCA provides feedback on its earlier consultation, and sets out new rules to make authorised financial firms more responsible for their ARs. In its press release, the FCA says that whilst some principal … Continue Reading

Use it or lose it: FCA accelerates crack down on unused regulatory permissions

By Chris Webber and Mariyam Harunah on Posted in Regulation
The Financial Conduct Authority’s new powers to more swiftly cancel or change firms’ regulatory permissions have now come into effect. These powers are particularly aimed at firms that have permissions they are not using. Firms can be required to prove they are carrying out the regulated activities they have permissions for, or risk losing their … Continue Reading

A ‘Fundamental Shift’ in Financial Regulation – Further FCA Consultation on New Consumer Duty

By Chris Webber and Katherine Wakeham on Posted in Regulation
2022 looks set to be a busy year for regulated firms dealing with retail customers. Following its initial consultation in May 2021, on 7 December 2021 the FCA issued a further consultation (CP21/36), announcing its desire to “fundamentally shift” the mindset of regulated firms, by implementing a new consumer duty later this year.… Continue Reading

The FCA Perimeter Report 2020/21 – Key Points for Firms

By Chris Webber and Michael Davar on Posted in Regulation
The scope of the FCA’s powers and remit is not a simple matter, as the FCA readily acknowledges. The FCA’s regulatory “perimeter” derives primarily from from FSMA and the universe of secondary legislation surrounding it, particularly the Regulated Activities Order (“RAO”). However it also derives powers and responsibilities from various UK and on-shored EU-legislation in … Continue Reading

PRA increases pressure on firms to improve regulatory reporting processes

By Chris Webber on Posted in Banking, Regulation
The Prudential Regulation Authority (PRA) recently a Dear CEO letter titled “Thematic Findings on the reliability of the regulatory reporting“, outlining the current inadequacy of finance firms’ regulatory reporting procedures and the importance of comprehensive processes. The letter summarizes the PRA’s findings following its investigations carried out since October 2019, and a number of s.166 … Continue Reading

LCF mini-bond holders withdraw appeal against FSCS

By Chris Webber on Posted in Investment Management, Regulation
The Financial Services Compensation Scheme (FSCS) confirmed on 23 August that London Capital and Finance (LCF) mini-bond holders have withdrawn their appeal against an important March 2021 High Court decision dismissing their judicial review claim.  FSCS confirmed that the litigation had been concluded without any change to any of its earlier decisions on LCF claims.… Continue Reading

FCA Business Plan 2021/22 – transformation, accountability, and regulatory priorities for the coming year

By Chris Webber and Jack Wood on Posted in Regulation
The FCA’s annual business plan is a closely watched indicator of what we can expect from the regulator in the coming year. The recently published Business Plan for 2021/22 indicates the FCA’s focus on continued transformation and greater accountability as a regulator. It also sets out key priorities for the FCA for  the coming years … Continue Reading

FCA issues updated statement on insurers making deductions for Government support from COVID-19 business interruption settlements

By Squire Patton Boggs on Posted in Insurance, Regulation
Last month, the Financial Conduct Authority (“FCA”) published updated guidance regarding COVID-19 business interruption settlements and deductions made for Government support. The FCA first commented on this issue in August 2020, following reports that some insurers were making deductions for Government support received by policyholders, when calculating payments for business interruption insurance claims. The FCA’s … Continue Reading

GameStopped? Regulators react to the “short squeeze”

By Chris Webber on Posted in Investment Management, Regulation
While trading frenzies are as old as the markets themselves, the novelty of widespread retail trading in obscure US stocks fueled by Reddit chat forums has prompted recent interventions by regulators on both sides of the Atlantic. Unfortunately the FCA’s terse 29 January statement on “recent share trading issues” gave little insight into how it … Continue Reading
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