All Things FinReg

The UK Financial Conduct Authority (FCA) published a consultation paper on tokenized funds (CP25/28) on October 15, 2025, proposing changes to its rules and guidance to enable authorized funds to use distributed ledger technology (DLT) and accelerate tokenization. This marks the first concrete step in implementing the “Blueprint for Fund Tokenisation” published by the Investment Association (IA) in November 2023, developed in collaboration with HM Treasury, the FCA, and industry stakeholders. The Blueprint set out a phased pathway for tokenization in the UK funds sector, with “Stage One” focused on moving unit registers onto DLT. The consultation now seeks to make that a reality.

The UK government has been pursuing a pro-growth agenda as one of its core missions, which has resulted in consultations on lighter-touch regimes to encourage investment, and the regulations which govern alternative investment fund managers (AIFMs) are next on its list.

The Taskforce on Inequality and Social-Related Financial Disclosures (TISFD or the Taskforce) is a novel initiative, launched late in 2024, aimed at addressing the growing importance of inequality and social (or, if you like, people-related) risks in the financial sector. It is a global coalition of more than 20 companies, financial institutions, labor unions, civil society organizations, and international organizations, bringing together a wide range of voices to address the complex issue of inequality and social-related financial risks.