The FCA has published the first edition of a new newsletter, Enforcement Watch 1, which covers insights and themes from its enforcement work.

The newsletter follows the introduction of the FCA’s revised enforcement policy last year, which provides that it will announce investigations in exceptional circumstances and reactively confirm investigations which are announced by others (see our blog post here for more information).

Whilst much of the newsletter focuses on regulated entities, the FCA says:

  • it has confirmed three investigations into listed issuers following announcements by the companies in question; and
  • of the 23 enforcement operations it has opened since 3 June 2025, 18 involve potential regulatory breaches, 4 consider criminal and regulatory offences and in one, it is only investigating criminal offences. For listed issuers it is investigating potential market disclosure issues. 

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Antonia Kirkby

Knowledge Counsel, London

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Gavin Davies

Partner, Head of M&A, London

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