FCA Intensifies Efforts Against Unauthorized Financial Promotions and Fraud

The Financial Conduct Authority (FCA) has announced significant actions taken in 2024 to combat unauthorized financial promotions, leveraging data and technology. The regulator reported suspending or blocking over 1,600 websites and removing more than 50 apps from major platforms such as Google Play and the App Store. These measures are detailed in the FCA's latest annual report, which outlines efforts to address harm within the financial sector.

In 2024, the FCA intervened in nearly 20,000 financial promotions, requiring them to be amended or withdrawn. This marks a substantial increase from fewer than 600 interventions in 2021. Additionally, the regulator cancelled the authorizations of over 1,500 firms, a 20% rise from 2023 and more than triple the number from 2021.

Ashley Alder, Chair of the FCA, stated, "Our annual report shows how we've laid the strongest possible foundation from which to implement our new strategy." The FCA also targeted unauthorized "finfluencers" on social media, interviewing 20 individuals under caution and issuing 38 alerts regarding illegal promotions.

Beyond promotional issues, the FCA fined two banks over £45.5 million collectively for failures related to sanctions controls and anti-money laundering monitoring, and issued 2,240 alerts about unauthorized firms and individuals.

The regulator also noted receiving 1,131 whistleblowing reports between April 2024 and March 2025, which contained 2,684 distinct allegations. A growing number of these allegations were linked to the Consumer Duty, introduced in 2023, indicating an increasing reliance on whistleblowing to inform supervisory actions.