UK Regulatory Brief
3 regulatory updates covered · Generated by Regulatte AI
Executive Summary
This week's regulatory activity centres on two themes: enforcement and operational readiness. The FCA has handed down a significant personal ban and fine against a former CEO for dishonest conduct, sending a clear signal to senior individuals about integrity standards. Separately, the regulator has published a readiness check on the move to T+1 securities settlement scheduled for October 2027, urging firms to begin preparations now. The board should also note the FCA's expansion of its Scale-up Unit, which may be relevant to any growth or partnership strategies the firm is considering.
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Senior manager conduct: lessons from FCA enforcement action against former CEO
The FCA's decision to personally fine and ban a senior executive for dishonesty in the context of corporate transactions is a direct reminder that NEDs have oversight responsibility for the conduct and integrity of the firm's senior managers. Any gaps in how the firm assesses, monitors and challenges senior management behaviour could create personal liability for board members.
SourceT+1 settlement: board oversight of operational readiness programme
The October 2027 T+1 deadline is approximately 14 months away, and the FCA is already signalling expectations for firms to be preparing now. For firms that trade or settle securities, failure to adapt systems and processes in time could result in settlement failures, client harm and regulatory action.
SourceKey Developments
Former CEO banned and fined for dishonesty in acquisition attempts
The FCA has fined Paul Taylor £489,000 and permanently banned him from financial services for making false and misleading statements. This reinforces that the FCA will pursue senior individuals personally for conduct failures, and boards should assure themselves that their own senior managers meet the standards required under the Senior Managers and Certification Regime.
Read moreFCA sets expectations for T+1 settlement readiness ahead of 2027 deadline
The UK's shift to next-day (T+1) securities settlement on 11 October 2027 will require significant operational, technology and process changes across trading, clearing and back-office functions. Firms that leave preparations late risk failing to meet the deadline, which could expose them to settlement failures and regulatory censure.
Read moreFCA expands Scale-up Unit to support fast-growing innovative firms
Five firms including ClearScore and Modulr have joined the FCA's Scale-up Unit, which provides tailored regulatory support during periods of rapid growth. Boards of firms in or approaching a growth phase should be aware of this programme as a potential resource, and should consider whether competitors gaining this support could shift the competitive landscape.
Read moreWatch List
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