Regulations
By Pankaj K
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Valuation Controls Face Fresh Scrutiny. The FCA published a report in March 2025 that set expectations for how firms should govern…
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Conflicts of Interest Under Review. The conflicts review will dig into how firms manage competing interests within their operations.
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Sarah Pritchard just delivered a warning. The FCA's deputy chief executive told the Investment Association's Private Markets Summit 2026 that transparency gaps could wreck…
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Pritchard said stress in markets is pretty much guaranteed. What matters is whether the system can handle it.
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Valuation processes are under the microscope.
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The FCA published a report in March 2025 that set expectations for how firms should govern valuations. That work didn't stop there.
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The US withdrawal freeze made the FCA's point better than any report could. When a big private credit firm suddenly limited redemptions, it sent a signal that something might be…
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Pritchard thinks the fix is pretty clear. Firms need robust controls and they need to communicate changes in valuations quickly and clearly.
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The FCA's approach is basically early detection. Pritchard said many issues in private markets come from lapses in first-line controls—the basic checks that should catch problems…
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Read also: UK Motor Finance Lenders Face Legal Chaos as FCA Compensation Plan Hits Tribunal
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The SWES initiative fits into that same strategy. The Bank of England will run scenarios to see how private markets might behave when conditions get rough.
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Pritchard also pointed out that conduct risks can undermine market trust even when financial stability isn't at immediate risk.
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The FCA's March 2025 report on valuations set clear expectations for governance. Valuations need to be robust, well-documented, and able to withstand scrutiny.
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The US incident serves as a reminder that private markets can't rely on assumptions of stability.
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The conflicts of interest review will look at how firms actually handle these issues day to day.
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