Over 1,600 websites suspected of promoting financial services without permission were suspended, removed or blocked in 2024 because of Financial Conduct Authority (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 In 2024 the regulator intervened to ensure almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to under 600 in 2021.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.

Over the past year, the FCA has:

• 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.
• Improved outcomes for consumers 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.
• 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.