The Financial Conduct Authority removed or blocked more than 1,600 websites in 2024 as part of an aggressive campaign to curb financial crime, according to its latest annual report.
The regulator also worked closely with technology platforms to take down over 50 mobile apps from Google Play and the App Store that were suspected of promoting unauthorised financial services. These measures, it said, are central to its strategy of preventing fraud at the source.
The report, which reviews the final year of the FCA’s 2022–2025 strategic cycle, highlights a broader drive to use data and technology to identify and intervene against non-compliant activity more swiftly and at greater scale.
FINANCIAL PROMOTIONS
Nearly 20,000 financial promotions were amended or withdrawn last year after the regulator’s interventions — a dramatic rise from under 600 in 2021.
In the same period, the FCA also cancelled the authorisations of more than 1,500 firms — up 20% on the previous year and more than three times the figure recorded in 2021.
Ashley Alder, chair of the FCA, said the report shows how the organisation has laid “the strongest possible foundation” for the implementation of its next five-year strategy.
“We’ll build on this over the next five years to deepen trust and rebalance risk so we can support growth and improve lives.”
The report details a wide range of actions the regulator has taken to reduce harm and raise standards in the sector. These include £45.5m in fines issued to two banks for failures related to sanctions screening and anti-money laundering controls, and the issuing of 2,240 alerts about unauthorised firms and individuals.
FINFLUENCERS
The regulator has also moved decisively against so-called “finfluencers” — social media users promoting financial products without authorisation. In 2024, 20 individuals were interviewed under caution, and 38 alerts were issued against offending social media accounts.
Under the Consumer Duty framework, the FCA said it secured £70m in savings for customers of GAP insurance through targeted work on value for money. It also introduced new rules on access to cash, which have led to service improvements in 200 communities across the UK.
The anti-greenwashing rule, introduced last year, has prompted many firms to revise how they market financial products with sustainability credentials.
HIGH STANDARDS
Nikhil Rathi, chief executive of the FCA, said the organisation had “embraced data and technology to crack down on harm and ensure high standards” over the course of its last strategy.
“I’m proud of our achievements,” he said. “The biggest changes to listing rules in 30+ years making it easier for companies to raise capital, ensuring good outcomes under the Consumer Duty, and cutting authorisation times for firms that meet standards.
“We’re ambitious for the future, and committed to enabling a fair and thriving financial services market for the good of consumers and the economy.”
The report also notes regulatory efforts to enhance the UK’s standing in global wholesale markets. These include reforms to the listing and prospectus regimes, the launch of a new private market for stocks, and the final cessation of all 35 LIBOR settings as part of a globally coordinated shift away from the benchmark.
In its authorisations function, the FCA said it has significantly improved performance, with over 99% of applications determined within statutory deadlines in the final quarter of 2024–25.
