The companies, products and regulatory developments shaping the broker industry.
The FCA’s client-assets rules distinguish written notice about cash interest from prior consent to securities lending. Both sit alongside Consumer Duty conditions, with specific collateral and record-keeping safeguards for lending.
The regulator says most providers still levy full overnight funding on matched positions, while opaque mark-ups and non-annualised disclosures make the true cost difficult to compare
Most respondents still applied full overnight funding spreads to matched positions, while markups stayed opaque and annualised disclosure remained uncommon.
The FCA now requires written notice and Consumer Duty compatibility before a firm retains retail client-money interest. CMC’s £23.4m group revenue line shows the economics can be material, but its closing balance cannot be used as a yield denominator.
The UK regulator describes interventions over crypto-wallet storage charges, adviser complaint fees and insurance wording, with a direct lesson for brokers reviewing account contracts.
The consumer-finance review offers a useful framework for examining platform fees, while stopping short of new requirements or broker-specific findings.
The latest fair-value findings put the cost of keeping positions open, including matched buy and sell trades, at the centre of scrutiny.