The Financial Conduct Authority published Feedback Statement FS26/1, Tokenisation in wholesale markets, on 14 September 2026. It closes the Call for Input that the FCA and the Bank of England issued on 18 May 2026 under the title The future of tokenisation: a joint vision from the authorities for UK wholesale financial markets. A feedback statement records what respondents said and sets direction; it does not make rules.
FS26/1 carries no rule text and creates no duty. The FCA sets two dated commitments against which its rule work will follow: a joint tokenisation roadmap with the Bank of England later in 2026, and a consultation on safeguarding requirements for relevant specified investment cryptoassets in the first half of 2027. Those safeguarding rules will sit under the Financial Services and Markets Act 2000.
The 123 responses came from across UK wholesale markets and placed the clearest gain in post-trade rather than in issuance or trading. Custodians, central securities depositories, clearing houses and collateral managers are the firms whose processes that answer puts in scope, together with the banks and asset managers that post and receive margin. Firms building tokenised collateral capability now have the FCA on record that improving how collateral moves between parties is the priority it heard.
The dates that matter sit ahead of the statement rather than in it. The joint roadmap falls later in 2026 and the safeguarding consultation in the first half of 2027. The authorities encourage firms to continue developing business cases for tokenised infrastructure while that rule work proceeds, which leaves the window before the 2027 consultation as the point at which firms can shape safeguarding duties before they are drafted.
Licentium advises firms on tokenisation, digital asset custody and the United Kingdom cryptoasset regime. Work we undertake includes mapping tokenised settlement and collateral arrangements against safeguarding duties, preparing consultation responses for wholesale market participants, and advising on authorisation for firms holding specified investment cryptoassets.
Source: Financial Conduct Authority, FS26/1: Tokenisation in wholesale markets (14 September 2026)