Listing regime – FCA approach to enforcement

The Financial Conduct Authority (FCA) has published a policy statement (PS 25/5) following its consultation on whether it should publicise its enforcement actions at an earlier stage. It has also published an updated version of its Enforcement Guide reflecting its revised approach.

The FCA had originally proposed that it would announce publicly when it opens an investigation and give updates as it progresses, but it confirmed in March this year that it would not proceed with those proposals.

Under the updated Enforcement Guide, the FCA will:

• continue to announce investigations in exceptional circumstances, for example to maintain the smooth operation of the market;
• reactively confirm investigations which are officially announced by others. Previously, even when an FCA investigation was made public – for example through an announcement by another body – the FCA was generally not able to confirm or deny its existence; and
• publish greater details of issues under investigation on an anonymous basis, to help highlight more quickly significant areas of concern.

The changes apply to investigations launched on or after 3 June 2025.

You can read more about our thoughts on the new enforcement guide on our FSR colleagues blog here.