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ARTICLE · 08 SEPTEMBER 2026

Minibonds - Still A Problem, Or Problem Solved?

Stephenson Harwood
Stephenson Harwood
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United KingdomStrategy
David Capps
David Capps

A reminder of the past…

On 30 July 2026, the FCA published a Final Notice in which it censured Equity for Growth (Securities) Limited (EFG) which is now in liquidation. Were it not for the fact of the winding up order, the FCA would have imposed on EFG a financial penalty.

As an authorised firm, EFG was able to approve financial promotions on behalf of unregulated firms that were seeking to raise money through the issuance of minibonds. The Final Notice acknowledged that issuance of minibonds is not a regulated activity under the Financial Services and Markets Act 2000 (FSMA) and therefore not subject to the FCA’s rules. However, any financial promotions related to the minibond business were subject to the FCA’s financial promotion rules.

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