Welcome to the April 2026 Edition of our Investment Firms Newsletter. As April unfolds, the regulatory landscape for investment firms continues to evolve at pace, with a clear emphasis on smarter regulation, enhanced supervisory efficiency, and the practical application of technology across both regulators and firms. Recent developments from the UK and international regulators highlight an increasing focus on targeted consumer outcomes, operational resilience, financial crime prevention, and the governance of emerging technologies such as artificial intelligence.
In the UK, the FCA is advancing its “smarter regulation” agenda, including initiatives to accelerate authorisations, modernise supervisory tools, and explore the use of generative AI in regulatory processes. Alongside this, key updates such as the targeted support authorisation gateway, the annual work programme, and new regulatory priorities reports signal a continued drive towards more proactive, risk-based supervision. Firms are also digesting important developments in operational incident reporting, Consumer Duty expectations, SDR labelling practices, and evolving expectations around governance, data sharing and non-financial misconduct.
At the same time, wider policy and legislative developments continue to shape firm obligations, including reforms under HM Treasury’s proposals for the Appointed Representatives regime, as well as ongoing regulatory attention on AIFMD II implementation across the European Union. Internationally, updates from the SEC, CFTC, and FINRA highlight continued scrutiny of digital assets, market integrity, and operational controls. The ICO and the FCA also clarify expectations around data protection and vulnerable customers ensuring regulatory alignment.
In this edition, we explore the most significant regulatory updates, consultations, and supervisory themes affecting investment firms. If you would like to discuss how these developments may impact your business or your regulatory roadmap for the year ahead, our team would be pleased to support you.
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UNITED KINGDOM.
Authorisations gateway for targeted support
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
FCA plans for smarter regulation
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
FCA publishes its annual work programme
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
FCA regulatory priorities reports: consumer investment, wholesale markets and buy side
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
FCA SDR Labels: good and poor practice
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
FCA PS26/2: operational incident and third-party reporting
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
Joint statement on regulatory expectations with respect to vulnerability related data
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
HM Treasury consultation: The Appointed Representatives Regime
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
Non-Financial Misconduct
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
“Tax Adviser” status for investment firms
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
EUROPEAN UNION.
AIFMD 2
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
united states.
SEC and CFTC clarify the application of federal securities laws to crypto assets
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
FINRA Identity Verification
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
Prediction Markets
The FCA has opened the authorisation gateway for the new targeted support permission. The new targeted support activity is designed to help fill the gap between generic guidance and individualised advice enabling financial firms to provide suggestions designed for groups of consumers with common characteristics. The regulator believes this will help them make important decisions across their pensions and investments. Firms considering applying are encouraged to engage with the FCA through the Pre-Application Support Services (“PASS”).
Register FOR OUR UPCOMING NON-FINANCIAL MISCONDUCT WEBINAR.
Join us on 28 April at 2:00 PM as we explore the FCA’s latest guidance under PS25/23 and what it means for firms in practice. We’ll cover key risks, including workplace behaviour, social media conduct, and the steps firms should take to strengthen governance and compliance frameworks.
