The Financial Conduct Authority (FCA)’s annual report sets out how it has used data and technology to crack down on harm in financial services.
As part of the report, the FCA shares that over 1,600 websites suspected of promoting financial services without permission were suspended, removed, or blocked in 2024 because of FCA action.
The regulator also said that it collaborated with big tech platforms, which led to over 50 apps being removed from Google Play and the Apple App Store.
New technology was also used by the FCA to 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In 2024, the regulator intervened to ensure “almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to under 600 in 2021.”
As previously reported, the FCA 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.”
Nikhil Rathi, 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.”
