UK FCA Enforcement Watch 1

The UK Financial Conduct Authority (FCA) has published its first Enforcement Watch newsletter, following the FCA's updated enforcement guide (ENFG) finalised in June 2025. The FCA proceeded with modest changes to its publicity policy, allowing the FCA, in certain circumstances, to publish more detailed information about issues under investigation on an anonymised basis. For more information you may like to read our blog post titled "The end of the road for (most of) the FCA's transparency proposals".

The first edition of the newsletter covers three main themes:

• Updated publicity policy in action – information on the updated powers the FCA can use under the revised policy, including announcing investigations without identifying firms and naming subjects only in "exceptional circumstances".
• Enforcement case priorities – an overview of enforcement operations the FCA opened since June 2025 and listing the areas the investigations covered.
• International partnerships – a reaffirmation of ongoing collaboration with global bodies, including through the International Organisation of Securities Commissions.

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