The Financial Conduct Authority's (FCA's) annual report sets out
how it has used data and technology to crack down on harm in
financial services.
Over 1,600 websites suspected of promoting financial services
without permission were suspended, removed or blocked in 2024
because of FCA action, as part of its fight against financial
crime. The regulator also collaborated with big tech platforms,
resulting in over 50 apps being removed from Google Play and the
App Store. This has helped the regulator in its work to block
fraud at source.
New technology also helped the FCA identify firms that did not
meet its standards earlier and at scale. In 2024 the regulator
intervened to ensure almost 20,000 non-compliant financial
promotions were amended or withdrawn by authorised firms,
compared to under 600 in 2021. It took action to protect social
media users from illegal financial promotions by unauthorised
‘finfluencers'. The FCA also cancelled the authorisations of over
1,500 firms - 20% more than in 2023, and more than triple the
number in 2021.
The FCA's annual report sets out how it has delivered these and
other important improvements for consumers, firms and markets in
the final year of its 2022-2025 strategy.
Ashley Alder, Chair of the FCA, said:
“Our annual report shows how we've laid the strongest possible
foundation from which to implement our new 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.”
, Chief Executive of the FCA,
said:
"We've embraced data and technology to crack down on harm and
ensure high standards.
"I'm proud of our achievements over the course of our last
strategy: 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.”
Over the past year, the FCA has:
Reduced and prevented serious harm
- Fined 2 banks a total of over £45.5m for financial crime
failures on sanction controls and screening, and monitoring of
money laundering risks.
- Issued 2,240 alerts about unauthorised firms and individuals.
- Targeted unauthorised influencers, interviewing 20 under
caution for illegally promoting financial products and issuing 38
alerts against finfluencer social media accounts.
Set and tested higher standards
- Improved outcomes through the Consumer
Duty, where its work on GAP insurance has saved consumers
£70m.
- Implemented new rules on access to cash, resulting
in improved cash services for 200 communities.
- Introduced the anti-greenwashing rule to
protect consumers from misleading claims
about sustainability-related financial products and
services. Many firms have since updated their marketing
and promotional materials.
Promoted competition and positive
change
- Strengthened the UK's position in global wholesale markets by
introducing the biggest changes to the listing
regime in over 3 decades, a new private stock market
and reforms to the prospectus
regime.
- Worked with industry and other regulators to ensure an
orderly transition away from LIBOR, making
financial markets safer, more stable and fit for modern
use. All 35 LIBOR settings have now permanently ceased.
- Delivered efficient and effective authorisations, improving
turnaround times and ensuring over 99% of applications were
determined within statutory deadlines in Q4 2024/25.
Notes to editors
- Today, the FCA has published:
