Thistle Initiatives

𝗢𝗙𝗦𝗜 𝗵𝗮𝘀 𝗿𝗲𝗰𝗲𝗻𝘁𝗹𝘆 𝗽𝘂𝗯𝗹𝗶𝘀𝗵𝗲𝗱 𝗶𝘁𝘀 𝟮𝟬𝟮𝟲–𝟮𝟵 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆, 𝘀𝗶𝗴𝗻𝗮𝗹𝗹𝗶𝗻𝗴 𝗮 𝗺𝗼𝗿𝗲 𝗮𝘀𝘀𝗲𝗿𝘁𝗶𝘃𝗲, 𝗶𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲‐𝗹𝗲𝗱 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘁𝗼 𝘀𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗲𝗻𝗳𝗼𝗿𝗰𝗲𝗺𝗲𝗻𝘁. Thistle Initiatives Manager Elliott Day sets out what has substantively changed, why it matters for UK‑regulated firms, and what firms should be considering now as scrutiny increases. Link in the comments below.

𝗧𝗵𝗲 𝗙𝗖𝗔 𝗿𝗲𝗰𝗲𝗻𝘁𝗹𝘆 𝗽𝘂𝗯𝗹𝗶𝘀𝗵𝗲𝗱 𝘁𝗵𝗲𝗶𝗿 𝗣𝗦𝟮𝟲/𝟲 𝗣𝗼𝗹𝗶𝗰𝘆 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝘁𝗼 𝘁𝗵𝗲 𝗦𝗲𝗻𝗶𝗼𝗿 𝗠𝗮𝗻𝗮𝗴𝗲𝗿𝘀 𝗮𝗻𝗱 𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗴𝗶𝗺𝗲 (𝗦𝗠&𝗖𝗥). The aim is to make the regime work more efficiently by cutting out duplication and reducing administrative effort to give firms more flexibility without compromise on standards. Thistle Initiatives Consultant, Melissa Buckingham, breaks down the policy statement's key changes. Link in the comments below. 

The FCA's Financial Advice Market Survey unveiled ongoing consolidation in the advice market, with stable adviser numbers, along with identifying underserved mass-affluent client opportunities, and emphasised the regulator's focus on governance and ongoing advice quality. Thistle Initiatives Consultant, Melissa Buckingham, breaks down what the findings mean for advice firms. Link in the comments below.

𝗧𝗵𝗶𝘀𝘁𝗹𝗲 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀 𝗶𝘀 𝗵𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗼 𝘁𝗵𝗲 𝗕𝗜𝗕𝗔 𝗖𝗼𝗻𝗳𝗲𝗿𝗲𝗻𝗰𝗲 𝟮𝟬𝟮𝟲 𝗶𝗻 𝗠𝗮𝗻𝗰𝗵𝗲𝘀𝘁𝗲𝗿! We are seeing increased FCA scrutiny across the insurance sector. Thistle Initiatives works with general insurance brokers, MGAs and insurers, supporting firms as regulatory expectations continue to evolve. Our insurance specialists advise across the full FCA lifecycle. From authorisations and Appointed Representative structures to SM&CR, financial crime, governance and ongoing compliance, our focus is on helping firms stay resilient while continuing to grow. Nikki Bennett, the head of our Insurance practice, will be attending the conference alongside fellow Thistle Partners Harry Cotton and Sam Coe, and welcomes the chance to connect with you and discuss your firm's needs.  

Thistle Initiatives welcomes Katie Fox as the new Managing Director, further strengthening the senior leadership and regulatory capabilities across Thistle Group. Katie’s role will oversee Thistle’s Investments, Credit, Mortgages and Insurance teams, working closely with clients navigating regulatory change, supervisory engagement and large‑scale transformation. Katie is a senior transformation specialist with deep expertise in regulatory interpretation and end-to-end implementation across the financial services sector. With over 15 years’ experience delivering complex, multi-year programmes, she has led major regulatory change initiatives, guiding firms through the full lifecycle from rule interpretation and impact assessment to operating model redesign, systems change, governance uplift and BAU embedding. Learn more about Katie in the link in the comments below.

𝗧𝗵𝗲 𝗙𝗖𝗔 𝗵𝗮𝘀 𝗼𝗽𝗲𝗻𝗲𝗱 𝗮 𝗳𝗼𝗿𝗺𝗮𝗹 𝗺𝗮𝗿𝗸𝗲𝘁 𝗿𝗲𝘃𝗶𝗲𝘄 𝗶𝗻𝘁𝗼 𝗰𝗹𝗮𝗶𝗺𝘀 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀. Motor finance triggered it. The scope is wider and includes marketing, consent, fees, lead generation and operational resilience. This is not a consultation. The FCA has signalled enforcement action and possible legislative change. The FCA's conduct concerns are specific:   • Consumers signed up without consent, including via social media   • Aggressive and misleading marketing   • Multiple representation, consumers unknowingly instructing more than one CMC   • Unfair fees and exit charges   • Lead generators explicitly in scope   • Operational and financial resilience weaknesses For CMCs, the question now is whether your practices would stand up to scrutiny and whether you can evidence that. We are supporting firms both before and during FCA engagement. If you want a confidential conversation about where you stand, we are happy to talk. Link to the full breakdown in the comments. 

𝗧𝗵𝗶𝘀𝘁𝗹𝗲 𝗜𝗻𝗶𝘁𝗶𝗮𝘁𝗶𝘃𝗲𝘀 𝗮𝗱𝘃𝗶𝘀𝗲𝘀 𝗧𝗿𝗲𝘀𝗺𝗮𝗿𝗲𝘀 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗼𝗻 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝗧𝗵𝗿𝗼𝗴𝗺𝗼𝗿𝘁𝗼𝗻 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 Our M&A Services team is pleased to have supported Tresmares Capital with regulatory due diligence in connection with its backing of Throgmorton Capital Management. Saul Proctor, Investments Director at Tresmares, commented: “A well-executed regulatory due diligence process was a key component of this transaction. Thistle Initiatives provided a clear, insightful analysis of the regulatory framework underpinning Throgmorton Capital Management’s operations and acquisition strategy, supporting our investment decision-making.” Alex Paschalis, Partner at Thistle Initiatives, added: “We are pleased to have supported Tresmares Capital on this transaction. Our work focused on assessing the regulatory framework underpinning Throgmorton’s operations and acquisition strategy, supporting the establishment of a robust platform for continued growth.” At Thistle Initiatives, we specialise in acquisition due diligence and change-in-control services—helping firms navigate FCA regulatory requirements with confidence. Read more in the comments below.

Thistle Initiatives’ very own James Dodsworth will be on a webinar hosted by The Payment Institutions Association on Tuesday, 12th May 2026 at 11 AM. The webinar will cover the impact of APP fraud on payment firms - and how it can create an obligation to register with Pay.UK. Link in the comments below.