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ARTICLE · 10 AUGUST 2026

Daily FSR Update - 7 August 2026

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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In a statement, the FCA explains that it is concerned about a number of risks it has identified among unregulated lenders, safe custody providers, money brokers and financial leasing companies...

United KingdomFinance and Banking
Cat Dankos
Cat Dankos
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Hywel Jenkins
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Chris Ninan
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UK

FCA applying increased scrutiny to Annex 1 firms

In a statement, the FCA explains that it is concerned about a number of risks it has identified among unregulated lenders, safe custody providers, money brokers and financial leasing companies (Annex 1 firms), in particular the potential for them to facilitate financial crime.

Among other issues, the FCA said that it has seen firms rely too heavily on the financial crime controls of their parent company, when each individual firm within a group must assess whether controls are appropriate for their financial crime risks, governance and operations. It is also concerned about the risks that unregulated lending, often conducted through complex structures, poses to consumers and markets.

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