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ARTICLE · 19 JUNE 2025

The FCA's Streamlined Enforcement Guide: How Significant Are The Changes?

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The FCA recently published its consolidated and streamlined Enforcement Guide (ENFG) last week, which is effective from 3 June 2025.

United KingdomFinance and Banking
Laura Bridgewater
Laura Bridgewater
Daniel Fisher
Daniel Fisher

The FCA recently published its consolidated and streamlined Enforcement Guide (ENFG) last week, which is effective from 3 June 2025.

Revised investigation publicity policy

Much of the focus has been on the FCA's revised publicity policy following its controversial proposals on this topic last year. The FCA has now confirmed and codified (in the new ENFG) its final position on this. It is retaining its existing exceptional circumstances policy as the principal test to decide if it should publicise an investigation into a regulated firm.

In addition, the FCA may publicise investigations in the following three circumstances:

  1. Announcements for suspected unauthorised financial services/criminal offences related to unregulated activity

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