FCA wholesale markets priorities: What they mean across UK financial services

The Financial Conduct Authority's (FCA) latest wholesale markets priorities set a clear direction for regulated firms: less prescriptive rulemaking, but higher expectations on how firms evidence governance, risk and compliance. While aimed at wholesale participants, the themes apply directly to retail financial advice firms. When read alongside wider UK regulatory developments – the Data (Use and Access) Act 2025, the Economic Crime and Corporate Transparency Act 2023, the proposed Crime and Policing Bill, and the FCA's AI strategy – a consistent picture emerges: firms must operate wi...