FCA CP26/32: Fractional shares, crypto venue deferrals, and eight Handbook fixes open for comment until 12 October
Three changes carry real firm impact for crypto platforms, fractional share dealers, and banks; payment and e-money firms should also check the DISP definition update. Responses close 12 October 2026.
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Worth reviewing if you operate a qualifying cryptoasset trading platform, deal or arrange in cryptoassets, offer fractional share dealing, or are a payment or e-money firm. Routine for most others.
CP26/32, published on 4 September 2026, is the FCA's 53rd quarterly Handbook consultation. It bundles eight sets of proposed amendments. Three carry real firm impact; the rest range from low-impact tidying to one change that payment and e-money firms will need to check.
Fractional shares into the readily realisable security definition
The FCA proposes to bring fractional shares within the definition of a readily realisable security. That definition determines which assets attract certain conduct and disclosure obligations, so if your permissions or product documentation reference the current definition, check whether this changes anything for you.
Crypto venue and execution policy deferrals
This is the most operationally significant proposal for crypto firms. The FCA is proposing deferral arrangements covering three things: the admission process for qualifying cryptoassets on UK qualifying cryptoasset trading platforms (QCATPs, meaning FCA-authorised venues for trading cryptoassets that meet a specific regulatory threshold); the execution venue requirements on UK-authorised dealers and arrangers; and the execution policy requirement for those same firms. The consultation does not specify the length of the deferral or the original application date, so affected firms should read the full paper for that detail.
BCOBS reference update
The FCA proposes to remove an expired reference in BCOBS 2.3.9G and update the reference in BCOBS 2 Annex 1, Note 1 to the latest Annual Equivalent Rate (AER) Practice Note issued by UK Finance and the Building Societies Association. Banks and building societies that have embedded the old reference in customer-facing materials or internal procedures should update accordingly once the rule is finalised.
The remaining five proposals
For most readers these are low-impact. The FCA proposes to remove a duplicated data point (DISP 1.10.1IR(2)(a)) on claims management fee cap redress from the Consumer Credit Reporting return, and to update Money Market Fund reporting requirements for proportionality and alignment with wider funds reporting. It also proposes minor amendments to Consumer Composite Investments rules in the Disclosure (DISC) and COBS sourcebooks following feedback to PS25/20, and to remove the reference to the two-stage complaints process for the Society of Lloyd's in DISP 1.11.8G.
The fifth change is worth a closer look for one audience. The FCA proposes to update the Glossary definition of "firm" for DISP 1.10 and DISP 1.10A to capture all payment services and e-money firms for complaints data publication.
Payment and e-money firms: confirm you are already captured under the current DISP definition. If not, this change affects your complaints data reporting obligations.
What to do
Responses to Chapters 2 to 8 are due by 12 October 2026. Crypto firms and fractional share platforms should prioritise reading the relevant chapters in full. The consultation paper contains chapter-by-chapter detail on scope and timing not summarised here.
