The Financial Conduct Authority (FCA) has shut down more than 1,600 websites suspected of promoting financial services without permission as part of its efforts to combat financial crime.
In its annual report released on Thursday, which outlines how the regulator has used data and technology to crack down on financial crime as part of its 2022-2025 strategy, it declared that almost two thousand websites were suspended, removed or blocked in 2024.
The body said it also cooperated with BigTech platforms to remove more than 50 apps from Google Play and the App Store.
In addition, over the past year the FCA has intervened on the online dissemination of false financial promotions, ensuring that nearly 20,000 promotions including those by unauthorised ‘influencers’ were modified or withdrawn by authorised companies.
The FCA said the number of these interventions has increased since 2021, when the regulator confirmed it had intervened in 600 promotions.
During 2024, the UK watchdog said it also cancelled the authorisations of more than 1,500 firms, 20 per cent more than in 2023 and more than three times as many as in 2021.
Ashley Alder, chair of the FCA, said that its report shows how the regulator has laid the foundation from which to implement its new strategy. He added that the FCA plans to build on this over the next five years to “deepen trust and rebalance risk”.
“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,” said Nikhil Rathi, chief executive of the FCA.
