The Financial Conduct Authority (FCA) has launched a major forward-looking review to assess how advanced artificial intelligence is likely to reshape retail financial services, consumer behaviour and regulatory oversight over the coming decade. Known as the Mills Review, the initiative underscores the FCA’s intention to remain ahead of rapid technological change while maintaining its principles-based approach to regulation. Led by Sheldon Mills, the review builds on the FCA’s

The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have issued a joint statement providing important regulatory clarity on open banking pricing models, specifically in relation to commercial Variable Recurring Payments (cVRPs). The statement confirms that, at this stage, the regulators will not prioritise a Competition Act 1998. Investigation into the centralised access fee pricing model being developed by the UK Payments Initiative for cVRPs. Comme

The Upper Tribunal has upheld the Financial Conduct Authority’s decision to ban Darren Antony Reynolds from working in financial services and to fine him £2,037,892, marking one of the most serious enforcement outcomes arising from the British Steel Pension Scheme cases. The ruling, first published on 19 January 2026, represents a decisive endorsement of the FCA’s findings on dishonesty, lack of integrity and deliberate misconduct in pension transfer advice. The Tribunal agre

The Financial Conduct Authority (FCA) has fined oil and gas consultant Russel Gerrity £309,843 for insider dealing after he used confidential drilling information to generate personal trading profits of £128,765. The enforcement action highlights the FCA’s continued focus on market abuse and the critical role of surveillance and industry reporting in detecting misconduct. Between October 2018 and January 2022, Mr Gerrity exploited inside information obtained through his consu

The Financial Conduct Authority (FCA) has secured a £265,523.96 confiscation order against Andrew Currie, a former director linked to the collapsed peer-to-peer lending platform Collateral (UK) Ltd, marking another significant step in its efforts to strip fraudsters of illicit gains and return funds to victims. Currie was convicted in 2023 and sentenced to 2 years and 6 months’ imprisonment after defrauding investors through Collateral, a platform that raised funds from retai

The Financial Conduct Authority has launched a wide ranging consultation on proposals that will shape the next phase of the UK’s cryptoasset regulatory framework, signalling a decisive move towards bringing crypto markets closer to traditional financial services standards. Published on 16 December 2025, the consultation forms part of the FCA’s crypto roadmap and aligns with new government legislation laid on 15 December, reinforcing the UK’s ambition to create an open, compet

The Financial Conduct Authority has imposed a £44 million fine on Nationwide Building Society for significant failures in its financial crime systems and controls, reinforcing the regulator’s uncompromising stance on anti-money laundering governance across the UK banking sector. The penalty relates to weaknesses that persisted between October 2016 and July 2021, during which Nationwide was unable to effectively identify, assess, monitor, or manage money laundering risks withi

The Financial Conduct Authority has introduced Firm Checker, a new consumer-facing verification tool designed to curb the rising scale of investment and pensions-related scams. With FCA research indicating that around 800,000 people reported losses to scams in the 12 months to May 2024, the launch represents a significant escalation in the regulator’s strategy to shield consumers from sophisticated fraud tactics. Firm Checker enables users to confirm whether a financial servi

The Financial Conduct Authority has delivered its first-ever enforcement action against a professional body supervisor, publicly censuring the Institute of Certified Bookkeepers for significant and prolonged failings in its anti money laundering supervision. As the body responsible for overseeing the AML compliance of more than 3,000 bookkeepers under the Money Laundering Regulations 2017, the Institute’s shortcomings created heightened risks of money laundering exposure acro

The Financial Conduct Authority has launched criminal proceedings against two individuals accused of insider dealing linked to the proposed takeover of GCP Student Living Plc. The case highlights the regulator’s continued focus on market abuse, a central pillar of its five-year strategy to strengthen trust and integrity across the UK’s financial markets. According to the FCA, Bobosher Sharipov, formerly employed at Jefferies International Limited, allegedly disclosed confiden

The Financial Conduct Authority’s decision to accept RegTech platform Eunice into its Regulatory Sandbox marks an important step in strengthening the transparency and integrity of the United Kingdom’s crypto markets. As criminal exploitation of digital assets continues to evolve, the creation of standardised, industry-led disclosure templates represents a significant opportunity to raise market standards and improve investor protection. Eunice’s work with leading crypto firms