The UK Financial Conduct Authority (FCA) has published policy statement PS25/5 accompanied by a press release, outlining final revisions to its Enforcement Guide (now abbreviated as ENFG). The revisions follow a two-part consultation process published in February and November 2024.
The FCA limited some proposals in response to stakeholder feedback. Notably, it decided not to proceed with introducing a new 'public interest' framework to allow it to announce investigations into regulated firms at an earlier stage. Instead, the FCA will continue to apply its existing test of 'exceptional circumstances' when deciding whether to publicise an investigation. However, it has decided to include three new scenarios where this test will no longer apply, allowing the FCA to announce investigations in the following cases:
- When investigating for suspected unauthorised financial services, or a suspected offence relating to unregulated activity, and the announcement is desirable to warn consumers or investors or help the investigation.
- When the investigation has already been made public by the subject, an affiliated company or a regulatory body, government or public body. In such cases, the FCA may confirm the nature of the investigation to the extent already disclosed.
- Anonymised announcements, where the FCA believes it would be helpful to educate the public about the types of misconduct under investigation, without naming or identifying the subject.
The revised ENFG is effective immediately with the changes implemented through the Enforcement Guide (Consequential Amendments) Instrument 2025 and the Enforcement Guide Instrument 2025 applying to investigations launched on or after 3 June.
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