FCA private messaging crackdown not expected to expand to wealth and asset management

FOI request

The push from the Financial Conduct Authority to assess and monitor the use of private messaging apps in financial services is not expected to be expanded to the wealth and asset management sectors, Investment Week can reveal.

Last year, the regulator started investigating the use of encrypted messaging apps in banking, following a similar move from the US Securities and Exchange Commission. Over the summer of 2024, the FCA sent City firms a survey to assess and understand how their staff uses encrypted messaging services and how such channels are monitored by the institutions. Zero cases of non-financial misconduct have been opened by FCA in two years In its response to a Freedom of Information (FOI) request sent by Investment Week, the watchdog said there currently is no intention to expand its assessm...