FCA/Upper Tribunal: Decisions: Heather Dunne/Richard Fenech
The Upper Tribunal Decision for Heather Dunne, which is published in a redacted version, concerned two privacy applications and one case management application. Submissions had been provided in support of the privacy applications, concentrating on the effect on the applicant’s mental health of publication of the reference or Decision Notice, as well as concerns that the Decision Notices would cause “reputational destruction” to the applicant, The privacy applications were rejected. Further to the publication of the Upper Tribunal Decision, FCA has now separately published its Decision Notices for Richard Fenech and for Heather Dunne (dated January 2024). FCA had decided to issue them with prohibition orders and fine them £270,646 and £399,817 respectively, finding that they operated a flawed advice model that put customers’ guaranteed pension benefits at significant risk, and that Heather Dunne failed to act with due skill, care and diligence when providing pension transfer advice.
Last updated · 13 Mar 2026
Regulatory News - Financial Services & Regulation
See all Regulatory News - Financial Services & RegulationFCA: Warning Notice Statement 26/5
FCA has published a Warning Notice Statement concerning an unnamed individual authorised to perform senior management functions who was considered to have “knowingly presented a façade of regulatory legitimacy” for the benefit of another unnamed individual who was a disqualified director (by reason of fraudulent activity). The individual was said to have misled the regulator regarding the true ownership and control of an unnamed firm.
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FCA: Climate adaptation and resilience
FCA’s new webpage sets out information for regulated firms on how physical risks from climate change, such as flooding, may impact the property insurance and mortgage markets.
FCA: PS26/15: Improving the UK transaction reporting regime
Further to CP25/32, FCA has published feedback and final rules. Changes include the removal of FX derivatives from the scope of reporting requirements. FCA will publish a draft schema, validation rules and new guidelines for consultation in October 2026. The new regime will come into force on 3 April 2028. FCA states that it will take a flexible supervisory approach to some areas from 3 August 2026 until this date.
FCA: Market activity reporter for shares
FCA has launched a market activity reporter for shares which provides visibility of overall UK equity market activity each day. A user guide and methodology document have been published and may be accessed via the following link.
FCA: Handbook Notice 143
The Handbook Notice sets out changes to the Handbook and other material as made by the FCA Board on 25 June 2026 and 30 July 2026.
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