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FCA publishes policy statement PS25/4 on joint payment option for investment research

The Financial Conduct Authority (FCA) has published policy statement PS25/4, finalising new rules to refine the investment research market by allowing fund managers to combine research and execution costs under a joint payment option, subject to defined guardrails. These changes implement recommendations from the 2023 UK Investment Research Review and feedback from consultation paper CP24/21. As the adoption of the joint payment option is classified as a significant change for authorised funds, fund managers will be required to notify unitholders and seek approval from the FCA before adopting the option. The measures aim to enhance the competitiveness of UK fund managers and reduce research procurement costs. Under the new rules, fund managers are expected to implement written policies on their approach to joint payments, establish research budgets, allocate research costs equitably, and provide detailed disclosures regarding joint payments.

DBT publishes notice to exporters on updates to 13 OGELs to exclude nuclear power equipment

The Department for Business and Trade (DBT) has published a notice to exporters, announcing that the Export Control Joint Unit has updated the scope of 13 open general export licences (OGELs). Eight OGELs have been revised to exclude both military nuclear power generating equipment (ML17g) and naval nuclear propulsion equipment (ML9) from their scope. The remaining five OGELs have been updated to exclude naval nuclear propulsion equipment (ML9) only.

FCA announces two brothers pleaded guilty to insider dealing

The Financial Conduct Authority (FCA) has announced that two brothers, Matthew and Nikolas West, have pleaded guilty to insider dealing at Southwark Crown Court. Between November 2016 and January 2020, Matthew West obtained confidential information from brokers through the legitimate process known as wall crossing—a standard market practice for sharing non-public, price-sensitive data. He used this information to trade shares in Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited, and subsequently disclosed the details to his brother, who traded shares in Asimilar Group Plc. Their transactions resulted in total profits of £42,948. Both brothers, operating as professional day traders, pleaded guilty to six instances of insider dealing. Sentencing is scheduled for 3 July 2025, and the FCA is set to apply for confiscation orders with regards to the related proceeds.

Financial Services—other developments (09/05/2025)

: A round-up of other developments, which have not been covered in full by the ³ÉÈËÓ°Òô Financial Services practical guidance team but may nevertheless be of interest.

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