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The FCA’s Enforcement Watch 2 and what it means for the financial services industry
James Alleyne
On 7 July 2026, the FCA published its second Enforcement newsletter – ‘Enforcement Watch 2’ (‘EW2’). In this second edition, the FCA focuses in particular on its recent approach to supervising and enforcing the Consumer Duty.
The FCA is conducting a review into whether motor finance customers were overcharged as a result of the widespread use of discretionary commission arrangements in the motor finance industry. It had expected to set out its next steps in light of this review in September 2024. However, it has announced that it will not now do so until May 2025.
The FCA’s long awaited anti-greenwashing rule came into force on 31 May 2024. This rule is part of the wider Sustainability Disclosure Requirements regime and reflects the FCA’s strong commitment to ESG and to supporting the Government’s commitment to achieving net zero by 2050.
The FCA’s recent consultation (CP24/2) on changes to its enforcement process has provoked what appears to be unanimous opposition from government and industry bodies. Of particular concern is the proposal in consultation paper (“the CP”) that the FCA will publish information about its enforcement investigations, including the identity of the subject of the investigation, where it assesses it to be in the public interest to do so.
The CMA has published its Annual Plan for 2024 to 2025 (the “New Plan”), following engagement with more than 70 businesses and other organisations across the UK.
James Alleyne
Oliver Oldman
James Alleyne
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