The Financial Conduct Authority (FCA) has published the updated version of its Enforcement Guide (now to be known under the new acronym ENFG, in place of the old ENF), which came into force on 3 June 2025. It has implemented the bulk of its proposed changes to streamline its enforcement guidance, although

Katie Stephen (UK)
New Global Regulation Tomorrow Plus podcast: Practical steps to mitigate market abuse risks in a volatile market
Recent tariff developments have transformed the international trade landscape with consequent market volatility. In our latest podcast, Katie Stephen, Hannah Meakin and Catherine Pluck discuss the impact of volatility on market abuse risk, as well as some of the key practical steps that firms can take to mitigate that risk.
Listen to the episode here…
New Risks Redefined podcast: Risk Assessments – Failure to Prevent Fraud
In the latest of our Risks Redefined podcast series, Janna Garcia, Katie Stephen, Stuart Neely and Hannah McAslan-Schaaf focus on failure to prevent fraud risk assessments, including discussion of what firms should be thinking about in this area and what we have been seeing through our work supporting firms in relation to the new offence.…
FCA supervision in action: Lessons learned for conducting internal investigations and auditor/ regulator communications
- FCA Supervisory Powers: The
FTPF: Considerations for In-house Lawyers
The new failure to prevent fraud (FtPF) offence, which will come into effect on 1 September 2025, poses some potential challenges for an in-house legal team (Legal Team) including anticipating and mitigating associated risks such as:
(1) the risk that a member of the Legal Team commits an underlying fraud offence…
New briefing note: UK MAR – Navigating disclosure obligations in uncertain markets
In the current geopolitical climate, with the imposition of tariffs and associated macroeconomic uncertainty, publicly traded companies across sectors will need to consider the potential impact on their business in the context of their ongoing disclosure obligations. This new briefing note focuses on some of the key areas that companies with shares admitted to the…
New briefing note: Spotlight on Solicitors Regulation Authority (SRA) Guidance – Part one, reporting misconduct and conducting internal investigations
Our latest briefing forms part of a new series looking in detail at the SRA’s guidance for in-house teams, issued following a thematic review of the sector, recognising the growth and importance of the in-house role and the unique pressures to which in-house solicitors can be subject. The guidance covers six topics and does not…
ESG & Corporate Governance: a checklist for firms and their boards
The PRA’s recent Consultation Paper (CP10/25) on enhancing banks’ and insurers approaches to managing climate-related risks provides clearer guidance on the PRA’s expectations with regards to governance in this evolving area (with potential read-across for other types of risks and for a range of different firms). Set out below is a checklist of…
New co-operation guidance issued by the SFO
The SFO’s new cooperation guidance SFO Corporate Guidance – GOV.UK (published on 24 April) updates the SFO’s original cooperation guidance published in 2019 and comes ahead of the new failure to prevent fraud offence coming into force in September 2025 (see here: Failure to prevent fraud: What should you be doing before September? | Global…
New SFO Corporate Guidance
On 24 April 2025, the Serious Fraud Office (SFO) published new guidance for firms about self-reporting, co-operation and Deferred Prosecution Agreements (DPAs) – a timely development in light of the failure to prevent fraud offence coming into force on 1 September 2025, which the SFO has recently said it is looking…