FCA: Eleven Commodity Traders Offer £1m to Crisis Fund After Three-Year Competition Probe

What the FCA investigation found

The FCA announced on 24 June 2026 that it is concerned eleven day traders in global commodity futures markets may have hindered competition by exchanging potentially sensitive information about their trading and, in some cases, coordinating their trading strategies. The investigation reference is CA98/2023/01. The period of concern runs from November 2019 to May 2020.

The eleven traders named in the investigation are James Biagioni, George Commins, Paul Commins, Aristos Demetriou, Henry Lunn, Elliott Pickering, Christopher Roase, Nicholas Stewart, Paul Sutton, Matthew Thompson and Connor Younger. The traders were active in global commodity futures markets, primarily energy futures including natural gas and crude oil, and were members of a group called Futures Trading Facilities.

The FCA has explicitly stated it has reached no view on whether competition law has been breached. The investigation is proceeding under the Competition Act 1998. Offering commitments does not amount to an admission of competition law infringement, and the traders have made no such admission.

What commitments have been proposed

Rather than contest the FCA's concerns, the eleven traders have proposed a package of commitments to address the competition issues identified. The three elements of the package are: changes to the way they handle sensitive information about their trading; a requirement to undertake annual competition law training; and an ex gratia payment of £1 million to the Crisis and Resilience Fund.

The Crisis and Resilience Fund, launched in April 2026, replaced the Household Support Fund. It provides local authorities with structured, multi-year support of approximately £1 billion per year for low-income households facing financial hardship. The £1 million payment from the traders would be directed to this fund.

The FCA notes that the financial commitment is likely to exceed any penalty it could impose on the individuals under competition law. Under the Competition Act 1998, financial penalties are capped at 10 percent of the individual or business's turnover in the financial year before any infringement decision. Given that the traders are individuals rather than large firms, the £1 million voluntary payment is assessed as exceeding the maximum fine that could be imposed even if infringement were found.

Why competition law applies to commodity day traders

Day traders play an important role in commodity futures markets by providing liquidity and absorbing risk from other market participants. For these markets to function competitively, trading decisions must be made independently. The FCA's concern is that sharing information about future trading intentions, current positions and recent orders, or coordinating strategies between traders, can undermine the independent decision-making that competition requires.

The Competition Act 1998 prohibits agreements and concerted practices between undertakings that have as their object or effect the prevention, restriction or distortion of competition. The FCA has concurrent powers with the Competition and Markets Authority (CMA) to enforce competition law in financial services markets, a power it has used increasingly actively since the mid-2010s.

The consultation process and next steps

The FCA is consulting on the proposed commitments package before reaching a final decision on whether to accept it and formally close the investigation. The consultation is open until 14 July 2026. Interested parties can submit feedback to the FCA by emailing CA98.2023.01@fca.org.uk. The FCA may accept the commitments if satisfied they adequately address the competition concerns identified, after consulting affected third parties. If the FCA accepts the commitments, it will close the investigation without making a finding on whether competition law was breached.

Frequently asked questions

Has the FCA found that the traders broke competition law?

No. The FCA has explicitly stated it has reached no view on whether competition law has been breached. The investigation identified competition concerns that the traders are addressing through a voluntary commitments package. Offering commitments does not amount to an admission of infringement, and the traders have not admitted any wrongdoing.

Why is the £1m payment going to a crisis fund rather than as a fine?

The £1 million is an ex gratia payment, not a fine. Under the Competition Act 1998, fines are capped at 10 percent of an individual's or business's turnover in the year before any infringement decision. The FCA assessed that the £1 million voluntary payment likely exceeds the maximum fine it could impose on the individuals, making the voluntary commitment more significant than a contested enforcement outcome.

What is the Crisis and Resilience Fund?

The Crisis and Resilience Fund replaced the Household Support Fund in April 2026. It provides local authorities with approximately £1 billion per year to support low-income households facing financial hardship. The fund provides structured, multi-year funding rather than the year-by-year allocations of the Household Support Fund.

What is the FCA's competition enforcement role?

The FCA has concurrent powers with the Competition and Markets Authority to enforce competition law in financial services markets under the Competition Act 1998. This means the FCA can investigate and take action against anti-competitive behaviour in financial markets without the CMA being involved. The FCA's competition enforcement focuses on markets it regulates, including securities, derivatives and commodity futures markets.

Can I submit views on the proposed commitments?

Yes. The FCA consultation on the proposed commitments is open until 14 July 2026. Responses can be submitted by emailing CA98.2023.01@fca.org.uk. The FCA will consider all responses before deciding whether to accept the commitments package and close the investigation.