In a bold move to protect consumers from rising digital fraud, the UK’s Financial Conduct Authority (FCA) took decisive action in 2024 by shutting down more than 1,600 fraudulent websites. These platforms were operating without proper authorization, attempting to mislead individuals with deceptive financial services and promotions.
The FCA’s aggressive campaign marks a major escalation in the fight against online financial scams and aims to restore public trust in the UK’s financial system.
Fighting Financial Fraud at the Source
As part of its ongoing Financial Crime Crackdown, the FCA suspended, blocked, or completely removed over 1,600 scam websites in 2024 alone. These sites were found promoting unauthorised investment schemes, fake financial products, and misleading services.
The regulator didn’t stop there — in collaboration with major tech platforms like Google and Apple, the FCA also managed to get over 50 malicious apps removed from the Google Play Store and Apple App Store, preventing thousands from falling prey to financial fraud.
Leveraging Technology for Early Detection
Thanks to advanced monitoring systems and data analytics, the FCA was able to identify non-compliant firms more quickly and at a much larger scale. In 2024, the agency intervened in nearly 20,000 misleading or illegal financial promotions, ensuring they were either corrected or withdrawn. This is a huge jump from just 600 interventions in 2021.
The FCA also cracked down on rogue financial influencers — or “finfluencers” — who use social media to promote unregulated investments. Multiple illegal promotions were taken down, and over 1,500 firm authorisations were revoked, marking a 20% increase from the previous year.
A Year of Progress: Key Milestones from the FCA’s Annual Report
The FCA’s latest annual report outlines major achievements that align with its 2022–2025 strategic plan. Here are some standout highlights from the past year:
1. Tackling Serious Financial Harm
- Issued 2,240 warnings against unauthorised individuals and firms.
- Interviewed 20 social media influencers under caution for illegal promotions.
- Issued 38 formal alerts against finfluencer accounts.
- Fined two major banks over £45.5 million for failing to meet anti-money laundering and sanctions compliance standards.
2. Raising the Bar for Financial Standards
- Implemented the Consumer Duty framework, improving customer outcomes — including a £70 million saving for consumers on GAP insurance policies.
- Enforced new access-to-cash rules, benefiting over 200 UK communities.
- Introduced the anti-greenwashing rule, compelling firms to revise misleading environmental claims in financial promotions.
3. Encouraging Competition and Market Evolution
- Rolled out historic changes to UK listing regulations, making it easier for companies to raise capital — the most significant reform in over 30 years.
- Supported the creation of a private stock market and led prospectus regime reforms.
- Oversaw a successful, industry-wide transition from LIBOR, with all 35 settings now permanently discontinued.
- Streamlined the authorisation process, with 99% of applications processed within statutory deadlines in Q4 of 2024–25.
Leadership on the Fight Against Financial Crime
FCA Chair Ashley Alder emphasized the importance of this momentum:
“We’ve built a solid foundation for our strategy going forward. Over the next five years, we aim to deepen public trust and support sustainable financial growth.”
Chief Executive Nikhil Rathi added:
“By embracing data and technology, we’re cracking down on misconduct and driving up standards. We’re committed to shaping a fairer, more transparent financial landscape that works for everyone.”
Looking Ahead: A Safer Financial Future
The FCA’s firm actions over the past year demonstrate a strong commitment to consumer protection, market integrity, and the responsible use of technology. As financial scams grow more sophisticated, the regulator is clearly stepping up with smarter tools and stronger partnerships.
Through a combination of tech-driven enforcement, collaborations with digital platforms, and tough regulatory oversight, the FCA is building a safer environment for both consumers and businesses in the UK’s evolving financial ecosystem.