News

Elderly people aged 65 and over now make up nearly 30% of Japan's population.

The country lags behind when it comes to women in leadership positions.

A lack of anti-fraud controls in Covid support schemes is expected to be highlighted in the report.

Pat McFadden says they would need a "good reason" to decline one of 55,000 new work placements.

Every day up until Christmas, the Redcar foodbank is asking the community to donate a specific item.

The FCA has launched a consultation on proposals to reduce the administrative fee for overdue or late regulatory returns from £250 to £100. The changes aim to make it fairer and more proportionate, particularly for smaller firms and those with limited resources.Since the fee was introduced, we’ve made major changes to processes, including how fees are paid, as well as launching My FCA earlier this year. This has resulted in an increased compliance rate amongst firms and reflects the positive impact of our continuous improvements. My FCA has now been used by 80% of firms.Under our new proposals, we’re proposing to provide clearer guidance and improved notifications, helping firms understand the process and avoid unnecessary admin fees.We’re also proposing to remove 3 more data collections for insurance firms that are no longer needed.The consultation reflects our ongoing commitment on continuously improving regulatory processes. Our proposals demonstrate a smarter approach to regulation by streamlining compliance and reducing firm burdens.For more information and to respond to the consultation, please review theDecember 2025 QCP chapter on Late Fee Reduction.

A raft of measures designed to support the growth of the mutuals sector have been announced by the financial regulators. They include a review of credit union regulations and the launch of a Mutual Societies Development Unit by the FCA.The proposals form part of a package of initiatives, published in a joint report from the PRA and FCA.These include:A new FCA Mutual Societies Development Unit that will act as a central hub of expertise and insight helping mutuals navigate policy and legislative changes. It will support initiatives such as co-operative networks that enable mutuals to collaborate, grow and build resilience.A PRA and FCA review of mutual credit union regulations, considering more risk-based capital requirements for larger, complex firms and proportionality for smaller credit unions.Free pre-application support by the FCA for firms setting up as a mutual society, innovating their business models, or seeking guidance applying for targeted support permission.A cut in application times for new societies – from 15 to 10 working days, encouraging more society registrations through the FCA’s Mutuals Society Portal.Confirmation from the PRA that the Building Societies Sourcebook has been removed from the PRA rulebook with immediate effect.The FCA has also published its own report as registering authority assessing the mutual societies sectors.Nikhil Rathi, chief executive of the FCA, said:'The mutuals sector is remarkably diverse and rooted in the communities and members it serves. They support people buy a home, insure against the worst events, increase financial inclusion and bring communities together, whether in the club, pub or on an allotment. We want to help them grow, and our new Development Unit will provide dedicated support. We’re also making it faster for mutuals to start-up.'Sam Woods, CEO of the PRA and deputy governor at the Bank of England, said:'Mutuals are a vital part of our financial system. Today’s report examines how the financial mutuals sector is growing, and what we can do to help it thrive in the period ahead.'Economic Secretary to the Treasury Lucy Rigby said:'We have committed to double the size of the mutuals sector, and are pleased the regulators are taking concrete steps to support the sector’s growth so it can deliver better value for members and communities.'Mutuals form an important part of the UK’s financial and business landscape, supporting the savings, borrowing, pensions and more of millions of people.'The announcements build on existing regulatory initiatives to support mutuals and the wider financial sector, including:The regulators' joint proposals to streamline the Senior Managers and Certification Regime to support competitiveness.The launch of the Scale-up Unit, providing tailored support to firms with growth ambitions.The PRA's Strong and Simple rules, which simplify capital requirements for smaller firms.The PRA’s introduction of Solvency UK, which significantly cuts red tape for insurance firms.The FCA’s mortgage market reforms, taken up by 85% of the market including building societies, has led to lenders being able to offer around £30,000 more.Mutuals are owned by their members, typically to serve their owners’ needs and financial mutuals have over 30 million members across the UK. This includes 93 mutual insurance firms, 42 building societies and 350 credit unions.There are also 12 million memberships across over 8,400 co-operative and community benefit societies. Collectively, these hold more than £223bn in assets and include housing associations, social clubs and retail societies.The reports were launched at an FCA and PRA event on Friday 5 December in Rochdale, attended by Economic Secretary to the Treasury Lucy Rigby MP.Notes to editorsRead the joint PRA/FCA Mutuals Landscape report.Read the FCA’s Mutuals Registering Authority Report.Read the PRA’s Policy Statement on the Building Societies Sourcebook.Additional new initiatives announced for the mutuals sector today include:New straightforward guidance from the PRA on Part VIII transfers, which allow smaller mutual insurers to be consolidated into a larger firm.The PRA and FCA opening discussions with mutual building societies on how best to prepare for mergers and acquisitions, which are becoming increasingly popular in the sector.

The FCA has charged Mr Henrik Schliemann with 9 criminal offences, including fraud by abuse of position, fraud by false representation and forgery. Mr Schliemann was a director of a merchant bank regulated by the FCA. He was responsible for financial matters and held authority over company accounts.The FCA alleges that Mr Schliemann transferred around $1.45m and €3.1m from company accounts to his own and additionally paid himself over £1.3m in excess dividends.Mr Schliemann appeared before Westminster Magistrates’ Court and gave no indication of plea. The case was sent to Southwark Crown Court, and his next appearance will be on 5 January 2026. Mr Schliemann has been released on conditional bail.Notes to editorsHenrik Oliver Schliemann was born on 27 June 1964. He is a German national resident in the United Kingdom.Fraud by abuse of position is an offence under sections 1 and 4 of the Fraud Act 2006.Fraud by false representation is an offence under sections 1 and 2 of the Fraud Act 2006.Using a false instrument is an offence under section 3 of the Forgery and Counterfeiting Act 1981.Mr. Schliemann held the authorised Director, Compliance Oversight and Money Laundering Reporting Officer functions.

On1 December2025, ESE Capital LimitedenteredCreditors’ VoluntaryLiquidation. On 1 December 2025, ESE Capital Limited entered Creditors’ Voluntary Liquidation.Adam Price and Lane Bednash of CMB Partners UK Limited were appointed as Joint Liquidators of the firm.ESE Capital Limited is authorised by the Financial Conduct Authority (FCA) (Firm Ref No. 469499). The firm provides financial management services and specialises in alternative investment opportunities.On 11 July 2025, ESE Capital Limited agreed that it will not: take on any new customersaccept new funds from existing customersprovide any regulated services to any existing customersdiminish the value of any of its own assets, and any funds it holds, except for payments in the ordinary and proper course of businessThese requirements will continue to apply during the liquidation process.The Liquidators are responsible for managing customer claims against the firm and distributing funds back to customers where possible.If you have any questions regarding the liquidation process, please contact the Liquidators directly by emailing: ese@cmbukltd.co.ukThe FCA does not regulate liquidations or the Liquidators, but we will continue to engage with the Liquidator/s and take any necessary actions as appropriate.

We have reached an agreement to lift the freeze on the bond consolidated tape contract award. Once ordered by the High Court, the lifting of the suspension will clear a path to sign the contract with Etrading Software (ETS).This means we can move forward on delivering the tape and continue defending the legal challenge in tandem. We will continue to engage data contributors and users alongside ETS.This is an important milestone in our work to maintain the UK’s position as a highly competitive and compelling place to invest and grow.We will provide an update shortly on the progress we have made in establishing a bond consolidated tape provider.BackgroundWe recentlyfiled an application with the High Court asking to lift the freeze on the contract award.We aim to determine Etrading Software’s authorisation as soon as possible, ahead of the launch of the tape in June 2026.