Pre-IPO Terminal — the FPPP diagnostic for a London listing

The listing-rules watch

Both items come from Primary Market Bulletin 67 and its companion consultation, so this edition turns on sponsor oversight and prospectus-rule housekeeping rather than on any new listing rule taking effect. - Ask your sponsor what its AI findings mean for your file. - Note the 2027 National Storage Mechanism changes in your filing process. - Hold prospectus drafts until the technical-note consultation closes.

1. 01FCA reports findings on sponsors' use of AI and previews a 2027 change to the National Storage Mechanism
2. 02FCA revises two technical notes after the July 2026 Prospectus Rules update

The London tape

39 admissions, 64 cancellations, 1 live intentions to float.

median ITF → admission: 22d

FPPP post-mortems

The lesson for a CFO or company secretary preparing to list is that the procedures the FPPP confirmation describes are timetable machinery as much as accounting judgement: the board needs to know, on a dated schedule, when fieldwork is behind, not when the deadline has arrived. - Agree audit milestones with the auditor in writing and put a board-level escalation trigger on each one. - Treat a slipped milestone as a governance event, not a scheduling matter: record who was told and when. - Keep the market announcement ready before the statutory deadline is breached, and check what suspension follows from a missed deadline. - Remember that a delay is not a finding: this casebook records only what an authority or the company has stated, and here the company has stated only that the audit was incomplete.

1. 01Audit not complete ahead of the statutory deadline: results delayed and shares suspended