April’s news

Guidance published on gender pay gap reporting

On 7 April 2026, the Office for Equality and Opportunity published new guidance clarifying employers’ gender pay gap reporting obligations and the use of action plans. Employers with 250 or more employees must publish data annually on the government portal and their website, with voluntary action plans encouraged ahead of becoming mandatory from Spring 2027. These plans must include at least two actions, addressing both the gender pay gap and menopause support, with enforcement action possible for inaccurate or late reporting.

FCA publishes Primary Market Bulletin 62

On 8 April 2026, the Financial Conduct Authority (FCA) published Primary Market Bulletin 62 (PMB 62), its newsletter for primary market participants. PMB 62 highlights lessons from the Carillion enforcement action on misleading market announcements, warns of increased manipulative schemes targeting UK micro and small‑cap issuers (including fake takeover approaches), and summarises findings from reviews of sponsors’ work on modified transfers to the commercial companies listing category.

DBT launches call for evidence on the TUPE Regulations

On 8 April 2026, the Department for Business and Trade (DBT) launched a call for evidence on the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE Regulations) to assess how effectively they operate in practice and how frequently TUPE transfers occur. The feedback will inform potential reforms aimed at simplifying compliance for businesses while strengthening protections for employees. Responses are requested by 1 July 2026.

FCA publishes Handbook Notice 140

On 24 April 2026, the FCA published Handbook Notice 140 which sets out, among other things, the amendments that have been made to the UKLR and glossary of definitions by three FCA instruments, as proposed in CP25/35 and CP26/8. Changes to the Handbook include streamlining the listing applications process for admitting new securities to the Official List and making the requirements clearer. The instruments came into force on 24 April 2026.

FCA consults on changes to rules on IPO investment research

On 27 April 2026, the FCA published a consultation seeking views on proposed changes to the rules governing the publication of investment research during the equity IPO process. The FCA is consulting on removing rules in the Conduct of Business Sourcebook (COBS) that broadly require: (i) a seven day waiting period between the publication of an FCA-approved prospectus or registration document and connected research on an IPO; and (ii) syndicate banks (i.e. those involved in underwriting or placing shares in an IPO) to ensure unconnected or independent analysts are provided with the same information as their own analysts. The consultation closes on 29 May 2026.

FCA publishes Primary Market Bulletin 63

On 27 April 2026, the FCA published Primary Market Bulletin 63, which includes updates to FCA guidance to reflect the new public offers and admissions to trading regime which came into force on 19 January 2026.

FCA publishes Market Watch 85

On 29 April 2026, the FCA published issue 85 of Market Watch, in which it discusses how the Economic Crime and Corporate Transparency Act 2023 (ECCTA) can assist firms share customer information to combat economic crime. The FCA explains that ECCTA can protect firms from breach of confidentiality and other potential civil penalties when they share customer information to help prevent, detect and investigate economic crime.

Updates for May 2026

29 May – closing date for responses to FCA Consultation Paper 26/14 on changes to rules governing the publication of investment research during an IPO.