The U.K. Financial Conduct Authority (FCA) recently issued a pair of press releases expressing concern over continued compliance shortcomings at investment management firms. One release concerned firms’ dealing commission arrangements, while the other addressed inadequate industry oversight of best execution. The FCA reiterated its commitment to scrutinizing these areas and, in each case, will “consider appropriate action, including more detailed investigations into specific firms, individuals or practices” when warranted. This article highlights the FCA’s principal observations. For additional recent guidance and commentary from the FCA, see “FCA Outlines Priorities of Liquidity and Fair Practices for Open-End Funds Investing in Illiquid Assets” (Mar. 16, 2017); “FCA Director of Enforcement Details the Goals and Tenets of the Agency’s Senior Managers Regime and Proposed Modifications to Its ‘Early Settlement’ Program” (Feb. 16, 2017); and “FCA Director Lays Out Expectations for Cybersecurity of Financial Services Firms: Identification of Cyber Risks, Detection, Firm Preparedness and Information Sharing” (Sep. 29, 2016).