Person
Chief executive of the UK Financial Conduct Authority.
Britain's FCA told MPs on Oct. 13 it will automate much of its supervision and enforcement with AI, and will write no AI-specific rules. Its data chief said a human still signs off every decision, for now.
Reality
FCA car finance redress for about 12 million loans will pay nothing before 2027, with legal challenges due at the Upper Tribunal in February. Average payouts of £829 now wait on that hearing, and lenders facing a £9.1bn bill have to plan for a delay with no fixed end.
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Volkswagen Financial Services UK set aside £725m for the FCA's car finance redress scheme, turning a £110.3m profit into a £352.9m loss for 2025. The charge rests on rules the lender is contesting in court, so its final size and timing are not yet settled.
Reality
Car lenders including Volkswagen's finance arm say in court filings that the FCA won't share the data and code behind its £9.1bn redress scheme. Consumer Voice is attacking the same calibration from the other side, demanding the FCA's Treasury correspondence.
Reality
Polymarket has approached the European Commission, ESMA and the FCA's chief executive to be regulated under MiFID, the Financial Times reports. Spain blocked it in May and France followed in July.
Reality
Polymarket wants ESMA and the FCA to supervise its event contracts as financial instruments instead of gambling products. The MiFID label it is asking for comes with the EU's retail binary-options restrictions attached.
Reality