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The UK’s Financial Conduct Authority (FCA) has intensified its fight against financial crime, shutting down 1,600 fraudulent websites and removing over 50 mobile apps from major platforms in 2024, according to its latest annual report.
Working in collaboration with major tech companies, including Google Play and the App Store, the FCA leveraged advanced technology to identify and act against non-compliant firms faster and at scale. The regulator said these actions reflect a growing reliance on data-driven enforcement to safeguard consumers.
The FCA also reported a dramatic increase in interventions on misleading financial promotions. In 2024, nearly 20,000 non-compliant promotions were either amended or withdrawn by authorised firms—a sharp rise from fewer than 600 in 2021. The authority also exercised its criminal enforcement powers to tackle illegal marketing campaigns run by unauthorised “finfluencers”.
In a further sign of its strengthened regulatory posture, the FCA revoked the licences of more than 1,500 firms during the year—a 20% increase from 2023 and over three times the number recorded in 2021.
Commenting on the report, FCA Chief Executive Nikhil Rathi said:
“We’ve embraced data and technology to crack down on harm and ensure high standards across the board. We’re ambitious for the future and committed to enabling a fair and thriving financial services market—for the benefit of consumers and the broader economy.”
The latest figures underscore the FCA’s strategic shift toward a proactive, tech-driven regulatory approach as it continues to adapt to the evolving nature of financial crime in the digital era.
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