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Private equity is transforming financial advice. But is the risk to consumers increasing? An investigation published in The Times on 15 October highlights theconsolidation of Britain’s independent financial adviser (IFA) market and raises important questions about conflicts of interest and consumer protection. The scale of change is striking. · The number of advisers employed by private equity-backed firms almost doubled, from 4,157 to 7,706 between 2023 and March 2026.

The FCA wants AI to help automate financial regulation. What does that mean for the firms it supervises? The Financial Times reports today that the Financial Conduct Authority is looking to use AI more extensively across authorisation, supervision and enforcement. Jessica Rusu, the FCAs chief data, information and innovation officer, told MPs that the regulators ambition was to automate wherever we can, enabling earlier identification of harm and intervention at particularly

Companies House: Significant increase in PSC data updates from 13 October Companies House has announced that it will begin loading new People with Significant Control (PSC) data from 13 October 2026. The exercise is expected to generate an increased volume of PSC Streaming API events over approximately 15–20 days. The update introduces additional links between PSC records and their associated notifications, helping to establish a foundation for improved visibility of company

The Insolvency Service and Companies House announced their first identity-verification convictions on 17 September, with three directors fined.For those of us gathering and analysing company information, this is another milestone in the register’s evolution. Companies House described its goal as creating a register that is “more reliable, more transparent and better equipped to support economic growth”.Identity verification should strengthen our ability to establish who is be

The FCA says it is taking steps towards becoming an “agentic regulator”.That phrase caught my attention. What does it mean, and why should businesses care? Jessica Rusu, the FCA’s chief data, information and intelligence officer, recently said: “We are taking forward recommendations, for example, becoming an agentic regulator.” Most of us know AI as something that answers questions or summarises documents. Agentic AI goes further: it can work through a series of tasks toward

Companies House data is changing. The way we interpret it needs to change too. The Financial Times reports today that 56,710 active UK companies had confirmation statements between one and 12 months overdue in September, up 139% year on year.The rise follows compulsory director identity verification. Companies House now requires all directors to be verified before a company can file its confirmation statement.That changes what an overdue filing may tell us.Overdue accounts an

An interesting development from the Insolvency Service. Its new five-year strategy puts much greater emphasis on identifying businesses in financial difficulty earlier, improving the use of data and joining up intelligence from organisations including Companies House, HMRC and law enforcement. The strategy also highlights earlier identification of misconduct and abusive phoenix companies, where businesses are closed leaving debts behind and activity continues through another

UK corporate reporting could be heading for significant change. Source: Mondaq, 14 September 2026, reporting on the UK Government’s new Modernising Corporate Reporting consultation, published on 7 September 2026. The Government has launched what is being described as a major review of the UK corporate reporting regime, covering almost every aspect of annual reports and accounts. Among the proposals being considered are: • simplifying reporting requirements for SMEs and group

The FCA’s approach to AI appears to be quite straightforward: no separate AI rulebook, at least for now. An article published by Compliance Week reports that experts believe the UK’s existing principles-based approach to financial services regulation should remain suitable in an age of AI, provided that the regulatory framework is regularly reviewed. That reflects the FCA’s own position. It has said that it does not currently plan to introduce additional regulations specifica

FCA misconduct rules take effect today From 1 September 2026, the FCA’s Conduct Rules explicitly extend to serious workplace bullying, harassment and violence across around 37,000 additional regulated firms. Importantly, serious substantiated misconduct may also need to follow an individual through the regulatory reference process when they move between firms. For Watchdog, this highlights the growing importance of monitoring people as well as firms. Watchdog allows clients t

An interesting article from QA Financial today highlights a significant shift in financial services regulation; away from periodic, point-in-time checks and towards ongoing assurance. As the article puts it: “continuous validation, continuous monitoring, continuous resilience testing and continuous assurance.” The article is primarily about software testing and operational resilience, but the principle has much wider relevance. At Watchdog Services, we are developing software

Would you allow AI to help choose your insurance or make financial decisions on your behalf? The level of consumer appetite may already be greater than many expected. Following publication of the FCA’s Mills Review, the regulator’s head of insurance market analysis and policy has reportedly expressed surprise at consumers’ willingness to use AI in financial purchasing decisions. The Review found that one in five UK adults is already open to AI making financial decisions for t

AI could fundamentally reshape financial services by 2030; but the technology may be only part of the challenge. Our analysis of the FCA’s newly published Mills Review highlights the growing importance of governance, accountability and oversight as artificial intelligence becomes more embedded in retail financial services. The Review considers a future in which AI increasingly influences how firms operate, how consumers make financial decisions and how financial products are

FCA Mills Review, published 6 July 2026. The review follows the FCA’s January 2026 call for input into the long-term impact of AI on retail financial services, looking towards 2030 and beyond. The FCA describes the review as examining how AI may reshape “consumers, firms, markets and regulators”. For Watchdog, the relevance is clear. AI is not just an efficiency story. It is becoming a monitoring, accountability and consumer-risk issue. Customer journeys, complaint ha

The FCA’s direction of travel is clear: earlier intervention, stronger deterrence, and greater focus on individual accountability. In its recent consultation on penalty and decision-making policies, the FCA is proposing targeted changes including: • raising the minimum penalty for the most serious individual market abuse cases from £100,000 to £150,000 • making clear that penalties for wealthier individuals may be increased for deterrent effect • clarifying how deferred bonus

The FCA’s Chief Executive, Nikhil Rathi, has warned that AI is moving faster than the law. That matters because this is not a general technology debate. It is coming directly from the head of the UK financial regulator, in the context of how artificial intelligence may affect financial services, consumers, markets and financial crime. The immediate issue is whether regulation can keep pace with rapidly developing AI tools. But the wider point is just as important. Financial s

Companies House accounts filing is changing — and better data matters From April 2028, Companies House accounts filing will become more digital, more structured and, in some areas, more detailed. The main change is that all companies will need to file accounts using commercial software, with accounts submitted digitally in iXBRL format. Small companies and micro-entities will also have to file profit and loss information, although they will be able to opt out of having that P

From April 2028, small companies and micro-entities will need to file profit and loss accounts with Companies House, although they will be able to opt out of having that P&L information published on the public register. The reform is intended to improve Companies House data, transparency and oversight, while addressing smaller firms’ concerns about commercial sensitivity. The change is part of wider Companies House reforms aimed at improving transparency, data quality and

The Financial Conduct Authority Chief Executive has published a speech this week titled “A reform-minded regulator”, setting out how it intends to adapt to a faster-moving market environment. The direction of travel is clear. The FCA is positioning itself to be more responsive, more flexible, and more aligned with UK growth while maintaining high standards. Key themes from the speech: Regulation must evolve alongside faster, more volatile markets A stronger focus on supportin

The National Law Review has highlighted recent FCA commentary on the future of the Senior Managers & Certification Regime. The FCA’s intention is to simplify the framework, reducing unnecessary complexity while maintaining clear accountability for senior managers. The direction of travel is towards a more proportionate regime, with less emphasis on process and documentation, and greater focus on practical oversight and responsibility. This reflects ongoing feedback that SM&CR