On 8 April 2026, the Financial Conduct Authority (FCA) issued Primary Market Bulletin 62.

In Primary Market Bulletin 62 the FCA focus on:

  • Key aspects of the FCA’s misleading statements case against Carillion plc: The FCA sets out that the key findings on misleading disclosures, controls and director conduct included that the firm’s announcements made misleadingly positive statements about Carillion’s financial performance generally and about its UK construction business, in particular, and they did not reflect significant deteriorations in the expected financial performance of CCS and the increasing financial risks as a result.  In addition, that Carillion’s procedures, systems, and controls were not sufficient to ensure that contract accounting judgements were appropriately made, recorded and reported internally to the Board and the Audit Committee.
  • FCA concerns about potentially manipulative investment approaches: The FCA also set out that it has concerns that UK micro-cap or small-cap issuers are being targeted directly as part of potentially manipulative schemes to affect those issuers’ share prices, specifically in relation to sub-types of manipulation such as fake investor takeover approaches (share price manipulation) and equity fundraising linked to pump-and-dump schemes.
  • FCA review of sponsors’ work on the modified transfer’s process: The FCA also highlighted common themes from its review on the nature and extent of sponsor’s due diligence in supporting a modified transfer declaration, including providing specific eligibility to use the modified transfer process, and emphasises that if sponsors are uncertain about this process it encourages them to seek guidance from the FCA in relation to this.
  • The deadline for commenting on our consultation about proposed clarificatory amendments to the Prospectus Rules – Admission to Trading on a Regulated Market sourcebook (PRM): The FCA also remind firms that the deadline for responding to its consultation on proposed clarificatory amendments to  Prospectus Rules: Admission to Trading on a Regulated Market sourcebook (PRM) is 20 April 2026 and that the aim of the proposals is to clarify certain rules and give proper effect to the policy proposals finalised in PS25/9.