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FCA — Financial Conduct Authority

19 min read

FCA — Financial Conduct Authority

Type: regulator Sector: UK financial services (conduct) First seen: 2026-03-15 Last updated: 2026-08-19

Updated 2026-09-18 based on S-2026-09-18-fca-financial-crime-protecting-hive — daily regulatory-intelligence scan: in a speech “Financial crime: protecting the hive” at the Law Society Economic Crime Conference 2026 (delivered 17 September 2026), Steve Smart (executive director of enforcement and market oversight) confirmed the FCA will begin taking on AML supervision of ~60,000 legal- and accounting-sector entities “at the backend of 2028”, using a risk-based, intelligence-led, “proportionate, predictable and technology-enabled” approach focused on firms enabling crime rather than compliant firms. Governance/AI-relevant content: the FCA disclosed it uses AI to process “over 56 million records every day” to flag high-risk firms earlier and is “exploring… the potential for agentic supervision… more broadly across the FCA”, while stressing “AI doesn’t – and won’t – replace human judgment” but “can strengthen it” — a concrete new data point on the FCA’s own supervisory-AI use that hardens the Rathi (24 Jun 2026) “agentic AI as a supervisory first responder over ~a billion rows a day” thread. Primarily a financial-crime / AML-supervision speech (Regulatory Readiness & Evidence); the agentic-supervision signal is synthesised on FCA approach to AI. Drafted speech — may differ from delivery; sets direction, not new firm expectations. Position bullet, People entry, tracked-change entry and Source added; speech fetched in full via WebFetch after the FCA news RSS surfaced it. (Single net-new in-window UK regulator item this run; EBA/BIS/EU AI Office/practitioner sources yielded no net-new in-window item.) Updated 2026-09-17 based on S-2026-09-16-fca-cryptoasset-perimeter-guidance-ps26-18 — daily regulatory-intelligence scan: on 16 September 2026 the FCA published PS26/18 “Cryptoasset perimeter guidance” (press release “Crypto firms get guidance on how the new regime applies”), explaining how the UK’s incoming cryptoasset regime applies to firms and which activities require FCA authorisation — issuing qualifying stablecoins, operating trading platforms, dealing/arranging, safeguarding cryptoassets and arranging staking. The authorisation gateway opens 30 September 2026 and the regime comes into force 25 October 2027; a further FCA consultation on targeted perimeter changes (stablecoins, proprietary trading/market making, certain technology providers, decentralised protocols, CSD safeguarding, financial promotions) follows in October 2026. Extends the June 2026 final-rules package (S-2026-06-30-fca-cryptoasset-regime / PS26/13). Not AI/data-specific; tracked as a Regulatory Readiness & Evidence / Governance Framework Design data point (authorisation readiness, perimeter determinations). Position/tracked-change entry and Source added; press release fetched in full (PS26/18 body not separately extracted ⚠️). Reinforces the earlier suggested future Topic page “FCA Cryptoassets Regime” (now a second dated source). (Most recent FCA publication in-window; the surrounding RSS items 10–15 Sep are enforcement/insolvency/criminal-conduct notices with no AI/governance nexus.) Updated 2026-08-19 based on S-2026-07-14-fca-cp26-26-frame — daily regulatory-intelligence scan: the FCA opened CP26/26 “Fund Reporting for Asset Management Entities (FRAME)” (14 July 2026; closes 22 September 2026), consulting on a new framework to replace fragmented fund-reporting requirements with consolidated forms, reduce some notifications, and set proportionate, risk-based requirements (larger funds report more) — to raise the quality and consistency of fund data reported to the FCA. A policy statement with final rules is expected H1 2027, with full implementation targeted for 2028 (some aspects possibly earlier). This gives FRAME its own primary record: the vault already noted FRAME as the reporting reform underpinning PS26/17 fund-liquidity supervision. A concrete data-governance / regulatory-reporting reform — not AI-specific; tracked as a Regulatory Readiness & Evidence / Governance Framework Design data point. Position bullet, this tracked-change entry and a Source added; consultation page fetched in full via direct WebFetch. (Located via WebFetch of fca.org.uk/publications then the CP26/26 page — see Source page.) Updated 2026-08-18 based on S-2026-08-fca-ps26-17-fund-liquidity — daily regulatory-intelligence scan: in August 2026 the FCA published PS26/17 “Enhancing fund liquidity risk management”, finalising CP25/38 for AFMs of UK UCITS schemes and NURS. It promotes effective use of anti-dilution tools (swing pricing / dilution levy), strengthens AFM assessment of transferable-securities liquidity (removing the “listed asset presumption”; derogation cut to 20 business days), and adds new Handbook guidance on liquidity stress testing (a UK version of the ESMA LST guidelines) plus a good-practice annex — while preserving the principle that liquidity risk management is the ultimate responsibility of the AFM. Governance hook: §1.26 requires firms to “embed strong governance, oversight and challenge by senior management” across liquidity risk management, with regular review of ADT use/calibration. In force 1 February 2027; transitional provisions to 1 August 2027. A separate consultation on illiquid / daily-dealt property funds (notice periods, deferrals, LTAF changes) is signposted. Prudential/conduct fund regulation — not AI/data-specific; tracked here as a Regulatory Readiness & Evidence / Governance Framework Design data point, consistent with the vault’s broader FCA tracking. Position bullet, tracked-change entry and Source added; fetched in full via direct WebFetch of the PS26/17 PDF. (Located via WebSearch of fca.org.uk then confirmed by direct WebFetch — see Source page.) Updated 2026-08-14 based on S-2026-08-10-fca-high-growth-firms-good-poor-practice — daily regulatory-intelligence scan: on 10 August 2026 the FCA published “High-growth firms: good and poor practice”, a review from its Early and High Growth Oversight pilot (15 asset-management, wealth-management and payments firms engaged July 2025–March 2026). Core supervisory message: governance, risk management and control frameworks must scale in step with business growth — firms that prioritise expansion over framework maturity increase the risk of consumer harm. Findings span six areas (governance & senior-management oversight; risk-management frameworks; resourcing/capability/scalability; systems/controls/MI; financial resilience; consumer & market outcomes), each with good/poor-practice examples, and name AI/new technology as an emerging area requiring structured governance plus data-governance, change-control and cyber-resilience controls. The FCA gave individual feedback to pilot firms and expects all growing firms to self-assess and close gaps proportionately. A direct hook for Paul’s Governance Framework Design, Independent Governance Assurance and Programme Governance service lines; not AI-specific (distinct from the still-pending AI good/poor-practice publication). Position bullet, tracked-change entry and Source added; fetched in full via direct WebFetch — see Source page. (Located via WebSearch of fca.org.uk then confirmed by direct WebFetch of the publication and press release.) Updated 2026-07-02 based on S-2026-06-30-fca-cryptoasset-regime — daily regulatory-intelligence scan: on 30 June 2026 the FCA published final rules for the UK cryptoasset regime — five policy statements (incl. PS26/13 applying general Handbook obligations), three finalised-guidance documents and two guidance consultations. PS26/13 brings most regulated cryptoasset activities within key parts of the Consumer Duty, SYSC, SM&CR, COBS, DISP/FOS, CASS and reporting, introducing bank-style standards for governance, custody, market integrity and operational resilience; the regulatory perimeter applies from 25 October 2027. Position bullet and tracked-change entry added; a new Source page created and a suggested future Topic page “FCA Cryptoassets Regime” noted. (Package publication is primary from the FCA listing; PS26/13 scope detail via WebSearch of the FCA overview page — see Source page.) Updated 2026-06-30 based on S-2026-06-29-fca-cp26-23-consumer-duty-scope — daily regulatory-intelligence scan: the FCA opened CP26/23 “Removing non-UK business from the Consumer Duty” (29 June 2026; responses due 18 September 2026; rules expected Q1 2027), proposing to carve genuinely non-UK customers out of Consumer Duty scope and to clarify out-of-scope boundaries and cross-distribution-chain / complex-product responsibilities. A concrete extension of the FCA’s burden-reduction / simplification agenda; not AI-specific. Position bullet and tracked-change entry added. (Identified via WebSearch then confirmed against the FCA press release; full CP26/23 PDF not separately retrieved — see Source page.) Updated 2026-06-26 based on S-2026-06-26-fca-mills-review-date — timing confirmation: the Mills Review will be published on 6 July 2026 (FCA hosting a same-day event), fixing the previously tracked “summer 2026” expectation; the AI Input Zone closed 19 June 2026; the FCA reaffirmed (2 June 2026 blog) it will not introduce new AI-specific rules. Tracked-change entry added; medium-confidence on the 6 July date (secondary commentary — see Source page). Detail on FCA approach to AI. Updated 2026-06-25 based on S-2026-06-24-fca-rathi-ai-speech — CEO Nikhil Rathi’s speech “Rethinking regulation for the age of AI” (techUK, 24 June 2026): the most senior restatement of the FCA’s AI posture. Reinforces no-separate-rulebook; previews the Mills Review (“a couple of weeks”) and the good/poor-practice AI publication (“later in the year”); and hardens expectations on clear accountability + human oversight for agentic AI, on mapping/governing model-provider and third-party dependencies (“the Critical Third Parties regime becomes more important than ever”), and on the FCA’s own use of stewardship, competition/system-wide powers and agentic AI as a supervisory “first responder”. Position bullet, People and tracked-change entries added; detail synthesised on FCA approach to AI and Operational Resilience and Third Party Risk. Updated 2026-06-08 based on S-2026-05-29-fca-ps26-8-r2b2-data — PS26/8 (Retail Banking Business Models / R2B2 data, published 29 May 2026, in force 1 June 2026) added; converts an ad hoc data collection into a standing annual RegData return as part of the FCA’s “streamline data collection, reduce burden” agenda. Concrete instance of the “smarter, more data-driven regulator” positioning; data-governance / regulatory-reporting, not AI-specific. Updated 2026-06-04 based on S-2026-05-21-fca-ai-input-zone — FCA reopened the AI Input Zone (responses by 19 June 2026) to gather evidence for its planned good/poor-practice AI publication; Positions bullet and tracked-change entry added. Updated 2026-06-03 based on S-2026-04-29-fca-cp26-15-financial-promotions — CP26/15 (consumer-credit financial promotions) added as a concrete instance of the FCA’s outcomes-based, Consumer-Duty-led approach: stripping prescriptive CONC 3 rules in favour of evidenced consumer outcomes.

Snapshot

The UK’s conduct regulator for financial services. Pivotal to the wiki because Paul’s practice is anchored in UK / Irish financial services and the FCA’s AI stance — “no separate AI rulebook, anchor in existing frameworks” — defines the operating frame for AI governance in regulated UK firms.

Positions / Claims they advance

  • Existing frameworks (Consumer Duty, SM&CR, Operational Resilience, Critical Third Parties regime) provide sufficient oversight of AI; no AI-specific rules are planned [S-2026-01-27-fca-mills-review].

  • The Mills Review (launched 27 January 2026 by Sheldon Mills) examines whether existing levers are fit for an AI-enabled future; recommendations due to the FCA Board in summer 2026 [S-2026-01-27-fca-mills-review].

  • FCA AI Live Testing is the supervisory experimentation vehicle; cohort 2 began April 2026 [S-2026-01-27-fca-mills-review].

  • AI Lab good / poor practice examples to publish later in 2026 [S-2026-04-21-fca-rusu-speech]; the FCA reopened the AI Input Zone (responses by 19 June 2026) as the evidence-gathering mechanism, requesting concrete examples (not principles) across governance, resilience, oversight, assurance, deployment controls and consumer outcomes [S-2026-05-21-fca-ai-input-zone].

  • FCA is embedding generative AI into its own supervisory and authorisation workflows [S-2026-04-21-fca-rusu-speech][S-2026-04-fca-work-programme-2026-27].

  • FCA annual work programme 2026/27 sets out the next phase of “smarter, more effective regulation” — using AI to speed authorisations, testing tools to identify key risks earlier, with people remaining at the heart of decision-making; minimum / flat fees rise 1% (lowest rise since 2017/18) [S-2026-04-fca-work-programme-2026-27].

  • Joint Policy Statement PS26/2 (FCA / PRA / Bank of England) on operational incident and third-party reporting comes into force 18 March 2027 [S-2026-03-fca-ps26-2].

  • FCA published the Retail Banking Regulatory Priorities Report (March 2026), replacing over 40 individual portfolio letters [S-2026-01-27-fca-mills-review].

  • PS26/6 — SM&CR review (phase 1): streamlines the Senior Managers and Certification Regime — cutting certification roles by ~15% by removing duplication, allowing more time/flexibility on senior-manager approvals and Directory updates, and clarifying SMF role definitions; phase 2 (with HM Treasury) will reconsider what replaces the certification regime and the number of approved senior managers [S-2026-05-fca-smcr-review-ps26-6].

  • FCA simplified supervisory letters in April 2026, retiring legacy Dear CEO and portfolio letters [S-2026-01-27-fca-mills-review].

  • PS26/8 — Retail Banking Business Models (R2B2) data (published 29 May 2026; rules in force 1 June 2026): converts a previously ad hoc R2B2 data collection (run four times) into a standing annual regulatory return via RegData, with a reduced datapoint set after industry engagement — framed as “one element of broader regulatory efforts to streamline data collection and reduce unnecessary burden.” A recurring data-governance / regulatory-reporting obligation for retail banks and building societies; not AI-specific [S-2026-05-29-fca-ps26-8-r2b2-data].

  • CEO speech “Rethinking regulation for the age of AI” (Nikhil Rathi, techUK, 24 June 2026): with >80% of FS firms already adopting AI, the FCA’s focus is on scaling agentic systems and tokenisation safely. Three governance-relevant assertions — accountability for regulated activities/outcomes “must remain clear” with human oversight designed in; boards must understand AI risks and model-provider/third-party dependencies “must be properly mapped and governed, and the Critical Third Parties regime becomes more important than ever” (98% of operational incidents reported last year were tech/cyber-related); and the FCA will rely more on stewardship, its competition/system-wide powers “as a regular part of our toolkit”, and agentic AI as a supervisory “first responder” — acting “before legislation catches up”. Previews the Mills Review (imminent) and the good/poor-practice AI publication (later in 2026) [S-2026-06-24-fca-rathi-ai-speech].

  • CP26/15 — Reviewing the financial promotions rules for consumer credit (29 April 2026; responses due 17 June 2026): proposes to remove duplicative / overly prescriptive CONC 3 financial-promotion rules and rely on the Consumer Duty, with a paired Discussion Paper on cost-of-credit (Representative APR) disclosure — a concrete example of the FCA’s shift to outcomes-based regulation, raising the evidence and control-design bar for firms [S-2026-04-29-fca-cp26-15-financial-promotions].

  • CP26/23 — Removing non-UK business from the Consumer Duty (29 June 2026; responses due 18 September 2026; rules expected Q1 2027): proposes to remove business for genuinely non-UK customers from the Consumer Duty “where there is no clear UK link or reasonable expectation of UK protection”, after concerns the Duty “has been applied more widely and more intensively than intended in wholesale markets”, plus clearer out-of-scope boundaries and clarified responsibilities across distribution chains and in complex-product design. A scope-narrowing / burden-reduction measure consistent with PS26/6, PS26/8 and CP26/15; not AI-specific, though it may create a new evidencing burden (demonstrating which business is in/out of scope) [S-2026-06-29-fca-cp26-23-consumer-duty-scope].

  • UK cryptoasset regime — final rules (30 June 2026): the FCA published five policy statements, three pieces of finalised guidance and two further guidance consultations establishing the regulated regime. The governance core, PS26/13, applies general Handbook obligations to regulated cryptoasset activities — confirming that most firms will be subject to key parts of the Consumer Duty, Senior Management Systems and Controls (SYSC), the SM&CR, COBS, DISP / access to the Financial Ombudsman Service, ESG, CASS and regulatory reporting, with focused amendments to SYSC, COBS, DISP, CASS and reporting. The package sets new standards for governance, consumer protection, custody, market integrity and operational resilience, “pulling much of the crypto industry closer to the rules already applied to banks and traditional investment firms”; the perimeter applies from 25 October 2027 (related PS on stablecoin issuance, e.g. PS26/10). A concrete extension of bank-style systems-and-controls governance to a newly regulated sector; not AI-specific [S-2026-06-30-fca-cryptoasset-regime]. (Package/date primary from the FCA listing; PS26/13 scope via WebSearch of the FCA overview page — see Source page.)

  • “High-growth firms: good and poor practice” (10 August 2026): good/poor-practice review from the FCA’s Early and High Growth Oversight pilot (15 asset-management, wealth-management and payments firms, July 2025–March 2026). The FCA’s supervisory expectation is that governance, risk management and control frameworks must develop in line with business growth; where they lag, the risk of consumer harm rises. Good practice: Board/Committee structures with clear roles and independent/non-executive challenge, high-quality MI, documented decisions and challenge, mature risk appetites/KRIs, reduced key-person dependency, structured governance over emerging tech such as AI, and proactive cyber/operational-resilience arrangements. Areas for improvement: governance not keeping pace with growth, concentrated responsibilities/weak independent challenge, poor governance record-keeping, outdated MI, stale suitability frameworks, weak wind-down plans, and control frameworks (incl. change control, data governance, cyber testing, third-party oversight) not evolving as firms introduce new technology, automation or AI. The FCA gave individual firm feedback and expects growing firms to self-assess and close gaps proportionately; it will use the insights to sharpen data-led supervision of high-growth firms. Directly relevant to Governance Framework Design, Independent Governance Assurance and Programme Governance; not AI-specific and distinct from the still-pending AI good/poor-practice publication [S-2026-08-10-fca-high-growth-firms-good-poor-practice].

  • PS26/17 — Enhancing fund liquidity risk management (August 2026): final rules (following CP25/38) for AFMs of UK UCITS schemes and NURS, tailoring the IOSCO (May 2025) and FSB (2023) liquidity-mismatch recommendations to the UK. Three strands: promote effective use of anti-dilution tools (swing pricing / dilution levy; dual-pricing treatment modified after feedback); strengthen AFM assessment/monitoring of transferable-securities liquidity by removing the “listed asset presumption” (eligible-market-test derogation cut from 1 year to 20 business days post-issuance); and new Handbook guidance on liquidity stress testing (updated UK version of the ESMA LST guidelines) plus a good-practice annex. The AFM remains ultimately responsible for a fund’s liquidity risk management, and §1.26 requires firms to embed “strong governance, oversight and challenge by senior management” across LRM with regular review of ADT use/calibration. Supervision will draw on the separate FRAME fund-reporting reforms (no detailed tool-calibration metrics required). In force 1 February 2027; transitional provisions to 1 August 2027. A further consultation on illiquid / daily-dealt property funds (notice periods, deferrals, LTAF changes) is signposted. Prudential/conduct fund regulation — not AI-specific; relevant to Governance Framework Design and Regulatory Readiness & Evidence as a governance-of-risk-framework and new-rule-implementation data point [S-2026-08-fca-ps26-17-fund-liquidity].

  • CP26/26 — Fund Reporting for Asset Management Entities (FRAME) (14 July 2026; closes 22 September 2026): consultation on a new fund-data reporting framework to replace current fund-reporting requirements with consolidated forms, reduce some notification requirements, and give smaller-fund managers proportionate, risk-based requirements — aimed at increasing the quality and consistency of data reported to the FCA (“proportionality … means that reporting obligations should be set according to the scale of risk”). Broad scope across UK AIFMs, UCITS management companies, RVECA/SEF managers, NPPR marketers, operators of recognised (OFR/s.272) and collective investment schemes, and some MiFID managers/advisers. Three reporting templates and a voluntary online test form published; policy statement / final rules expected H1 2027, full implementation targeted 2028 (some aspects possibly earlier). A data-governance / regulatory-reporting reform; not AI-specific — the reporting substrate that also underpins PS26/17 supervision. Relevant to Regulatory Readiness & Evidence and Governance Framework Design [S-2026-07-14-fca-cp26-26-frame].

  • Financial crime / AML supervision of legal & accounting sectors (speech, 17 September 2026): in “Financial crime: protecting the hive” (Law Society Economic Crime Conference 2026), Steve Smart confirmed the FCA will begin taking on AML supervision of 60,000 legal- and accounting-sector entities “at the backend of 2028”, applying its existing risk-based, intelligence-led supervision model (“proportionate, predictable and technology-enabled”; focus on the minority enabling crime, minimal burden on compliant firms). He cited the FCA’s use of AI to process “over 56 million records every day” to flag high-risk firms earlier, and stated the FCA is “exploring… the potential for agentic supervision… more broadly across the FCA” while affirming AI “won’t replace human judgment” but “can strengthen it”. Context: fraud ≈ half of all crime in England & Wales; est. >£100bn laundered through/within the UK annually; backs the NCA data-fusion programme and Economic Crime and Corporate Transparency Act intelligence-sharing; nine financial-crime priorities; DAML SAR threshold raised to £3,000. Primarily financial-crime/AML supervision (Regulatory Readiness & Evidence); the agentic-supervision signal reinforces the FCA’s own-use-of-AI thread. Drafted speech — sets direction, not new firm rules [S-2026-09-18-fca-financial-crime-protecting-hive].

People

  • Sheldon Mills — Executive Director, Consumers and Competition; leads the Mills Review.
  • Steve Smart — Executive Director (joint) of Enforcement and Market Oversight; “Financial crime: protecting the hive” speech (Law Society Economic Crime Conference, 17 September 2026) [S-2026-09-18-fca-financial-crime-protecting-hive].
  • Jessica Rusu — Chief Data, Information and Intelligence Officer; gave the 21 April 2026 fintech speech [S-2026-04-21-fca-rusu-speech].
  • Nikhil Rathi — Chief Executive; “Rethinking regulation for the age of AI” speech (techUK, 24 June 2026) [S-2026-06-24-fca-rathi-ai-speech].

Relationships

Tracked changes

  • 2026-03-04 — FCA publishes Regulatory Priorities Report 2026: Consumer Investments.
  • 2026-03 — FCA publishes Retail Banking Regulatory Priorities Report, replacing 40+ portfolio letters.
  • 2026-04 — FCA simplifies supervisory letters; retires legacy Dear CEO and portfolio letters.
  • 2026-04-21 — Jessica Rusu speech “Supporting fintech in the next phase of innovation”; commits to good / poor practice examples later in 2026.
  • 2026-04-22 — “Getting firms fit to run” speech; SM&CR recalibration signalled.
  • 2026-05 — FCA publishes PS26/6: SM&CR review (phase 1 reforms) following CP25/21 — ~15% fewer certification roles; phase 2 with HM Treasury to follow [S-2026-05-fca-smcr-review-ps26-6].
  • 2026-04-29 — FCA publishes CP26/15 on consumer-credit financial promotions (responses due 17 June 2026) [S-2026-04-29-fca-cp26-15-financial-promotions].
  • 2026-05-29 — FCA publishes PS26/8 (Retail Banking Business Models / R2B2 data); annual RegData return; rules in force 1 June 2026 [S-2026-05-29-fca-ps26-8-r2b2-data].
  • 2026-04 — AI Live Testing cohort 2 begins.
  • 2026-05 (w/c 18 May) — FCA reopens the AI Input Zone call for views; responses due 19 June 2026 [S-2026-05-21-fca-ai-input-zone].
  • 2026-04 — FCA publishes annual work programme 2026/27 and “next phase of smarter regulation” news story [S-2026-04-fca-work-programme-2026-27].
  • 2026-06-24 — CEO Nikhil Rathi speech “Rethinking regulation for the age of AI” (techUK) [S-2026-06-24-fca-rathi-ai-speech].
  • 2026-06-29 — FCA opens CP26/23 removing non-UK business from the Consumer Duty (responses due 18 September 2026; rules expected Q1 2027) [S-2026-06-29-fca-cp26-23-consumer-duty-scope].
  • 2026-06-30 — FCA publishes final rules for the UK cryptoasset regime (five policy statements incl. PS26/13, three finalised-guidance documents, two guidance consultations); applies Consumer Duty / SYSC / SM&CR / COBS / DISP / CASS / reporting to regulated cryptoasset activities; perimeter from 25 October 2027 [S-2026-06-30-fca-cryptoasset-regime].
  • 2026-07-06 (confirmed, medium-confidence) — Mills Review to be published, with a same-day FCA event on its findings/recommendations; AI Input Zone closed 19 June 2026; FCA reaffirms no new AI-specific rules [S-2026-06-26-fca-mills-review-date].
  • 2026-08-10 — FCA publishes “High-growth firms: good and poor practice” (Early and High Growth Oversight pilot; 15 firms across asset management, wealth management and payments) and announces five solo-regulated firms joining the Scale-up Unit [S-2026-08-10-fca-high-growth-firms-good-poor-practice].
  • 2026-08 (August) — FCA publishes PS26/17 “Enhancing fund liquidity risk management” (final rules following CP25/38): anti-dilution tools, strengthened transferable-securities liquidity assessment, new liquidity-stress-testing guidance for AFMs of UCITS schemes and NURS [S-2026-08-fca-ps26-17-fund-liquidity].
  • 2027-02-01 (scheduled) — PS26/17 fund-liquidity rules come into force (transitional provisions for some rules until 1 August 2027) [S-2026-08-fca-ps26-17-fund-liquidity].
  • 2026-09-17 — Steve Smart speech “Financial crime: protecting the hive” (Law Society Economic Crime Conference 2026): FCA to take on AML supervision of 60,000 legal/accounting entities from “the backend of 2028”; discloses AI processing “over 56 million records every day” and exploration of “agentic supervision” across the FCA [S-2026-09-18-fca-financial-crime-protecting-hive].
  • 2028 (backend of, planned) — FCA to begin AML supervision of ~60,000 legal- and accounting-sector entities [S-2026-09-18-fca-financial-crime-protecting-hive].
  • 2027-03-18 (scheduled) — PS26/2 operational incident and third-party reporting obligations in force.

Sources

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