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The Financial Conduct Authority (FCA) has suspended, removed or blocked more than 1,600 websites in 2024 as part of efforts to combat financial crime, its annual report has revealed.
The regulator said the sites were suspected of promoting financial services without authorisation. It also worked with technology platforms to remove more than 50 apps from Google Play and the App Store, aiming to stop fraud “at source”.
The FCA reported using new technology to identify non-compliant firms more quickly and at scale. Nearly 20,000 financial promotions were amended or withdrawn by authorised firms in 2024 following its interventions, compared with under 600 in 2021. The FCA also cancelled the authorisations of more than 1,500 firms last year, spelling a 20% increase on 2023 and more than triple the figure reported in 2021.
In addition, the watchdog targeted so-called “finfluencers” for illegally promoting financial products, interviewing 20 individuals under caution and issuing 38 alerts about social media accounts.
The annual report, which marks the final year of the FCA’s 2022–2025 strategy, outlined achievements including fines of more than £45.5m against two banks for failures in sanctions controls and money-laundering monitoring.
Ashley Alder, FCA chair, 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.”
Nikhil Rathi, FCA chief executive, added: “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-plus 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.”
