FCA: Final Notices: Anthony Cuming/Steven Sahota
Anthony Cuming, an IFA at Grosvenor Butterworth (Financial Services) Limited, was fined £1,691,259 and issued with a prohibition order. FCA has agreed not to enforce the fine provided he pays £2,000 to FSCS, which represents substantially all his available assets to meet a penalty or judgment. He participated in a scheme, along with Steven Sahota, an IFA at Beaumont Securities Limited, which resulted in customers having their funds invested in unsuitable funds and led to substantial losses to those customers. In addition, large marketing fees were paid to participants in the scheme. Steven Sahota was fined £1,782,343 and issued with a prohibition order. FCA has agreed not to enforce the fine provided he pays £10,000 to FSCS, which represents substantially all his available assets to meet a penalty or judgment.
Last updated · 13 Mar 2026
Regulatory News - Financial Services & Regulation
See allBoE: Speech by Liz Oakes: Operational resilience in a rapidly changing world
Text of Liz Oakes’ speech of 14 May 2026 follows in which she discusses operational resilience from the perspective of the FPC, including details on BoE stress tests. In 2026, this will focus on testing the impact of a global disruption to a cloud service provider.
FCA: Supporting customers through challenging times
FCA has published a blog by Charlotte Clark in which she reminds firms about the support the regulator expects they should offer consumers in challenging times, through the Consumer Duty and rules on protections for borrowers in difficulty.
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FCA: Speech by Nikhil Rathi: Working together against financial crime
Text of Nikhil Rathi’s speech of 14 May 2026 follows. He states: “.. we need to be candid that we won’t be able to defend everything equally. We have to prioritise. … We know that across the system, our partner organisations are under the same pressures: more complexity, volume and velocity, without more resource. And a threat that is becoming harder to read. So these aren’t just our choices. They’re choices for the system. And they need the Government to be clear about where financial crime sits in relation to growth, innovation and risk appetite. That’s a policy question. Not a regulatory one”.
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HMT: Access to Banking Services Review
HMT has announced an independent review, chaired by Richard Lloyd (former interim chair and NED of FCA), which will gather evidence on the real‑world impact of branch closures, identify who is most affected, and assess where further action may be needed to protect access to banking services. The Review follows the announcement of the Bill in the King’s Speech, where HMT intends to include a power to be able to act swiftly if the evidence supports intervention on access to banking services. ToR have been published alongside the announcement.
HMT: Reforming the UK Money Market Fund Regulations
Further to a 2023 joint HMT/FCA consultation on replacing the MMFRs, it has been announced that the Government will now lay legislation as soon as parliamentary time allows to establish the new regulatory framework, under which most requirements for UK MMFs will be set out in FCA rules and guidance. This will include guidance setting out expectations that UK MMFs hold higher levels of liquidity. The new regime is expected to be in place by Q4 2026, subject to Parliamentary approval, and FCA will issue a statement shortly with further details on its plans. The Government has confirmed its intention to extend the Temporary Marketing Permissions Regime, with a view to establishing a longer-term solution on market access.
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