FCA and Bank of England Publish Feedback Statement on Wholesale Tokenisation and Launch Separate Call for Input on Tokenised Gold
On 14 September 2026, the Financial Conduct Authority (FCA) and the Bank of England (BoE) published Feedback Statement FS26/1, summarising responses to their May 2026 Call for Input on the future of tokenisation in UK wholesale financial markets. Separately on the same date, the FCA published a further Call for Input specifically examining whether tokenisation could improve the way gold is traded, transferred, pledged and held in UK wholesale markets. The gold-focused Call for Input follows the broader joint exercise with the BoE conducted earlier in 2026.
Why this matters
The joint FCA-BoE Feedback Statement signals that both regulators are moving from exploratory consultation toward a more defined policy position on wholesale tokenisation, putting the UK's framework development on a tighter timeline. A dedicated Call for Input on tokenised gold is notable because gold occupies a unique position, straddling commodity, currency reserve asset and collateral, meaning any regulatory treatment will have cross-market consequences. Together, the two publications indicate the FCA is sequencing its tokenisation agenda, moving from broad wholesale markets to specific asset classes, and firms should expect formal proposals to follow.
On the Ground
Financial regulation and fintech practices will be tracking both publications closely to advise on response strategies to the gold Call for Input. Asset managers, custodians and clearing houses active in UK wholesale markets face compliance planning work as the regulatory perimeter for tokenised instruments begins to crystallise. A trainee would be tasked with logging key deadlines, summarising FS26/1's stated themes and drafting a client alert flagging the gold consultation window.
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“What is the legal significance of the FCA publishing a separate Call for Input on tokenised gold alongside the broader wholesale tokenisation Feedback Statement?”
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