Market abuse remains firmly on the FCA's agenda, but the focus is evolving. Recent enforcement actions show that having surveillance systems in place is no longer enough. Regulators are scrutinising whether firms can demonstrate effective oversight, accurate data, robust governance and timely escalation of suspicious activity.

Importantly, the FCA is more frequently assessing firms' Market Abuse Risk Assessments (MARA) to test whether a detailed understanding of their specific risks can be substantiated. At the same time, growing regulatory attention on individual accountability is raising important questions for compliance leaders and senior managers around the effectiveness and oversight of market abuse controls.

Join market conduct specialists from both ACA and AIMA for a fund manager briefing exploring the latest enforcement themes, emerging risks and practical steps firms can take to strengthen surveillance programmes and governance frameworks.