The Financial Conduct Authority used data and technology to
tackle unauthorized financial promotions, suspending or blocking over 1,600
websites and removing more than 50 apps from major platforms like Google Play
and the App Store. The regulator’s latest annual report outlines these actions
and other steps taken to address harm in the financial sector.

Rise in Financial Promotion Interventions

In 2024, the FCA intervened in almost 20,000 financial
promotions, ensuring they were amended or withdrawn—a significant increase from
fewer than 600 in 2021. It also cancelled the authorisations of over 1,500
firms, 20% more than in 2023 and more than triple the number in 2021.

“Our annual report shows how we’ve laid the strongest
possible foundation from which to implement our new strategy,” said Ashley
Alder, Chair of the FCA.

Targeting ‘Finfluencers’ on Social Media

The regulator focused on social media enforcement, targeting
unauthorised ‘finfluencers.’ It interviewed 20 individuals under caution and
issued 38 alerts regarding illegal promotions on social media platforms.

You may find it interesting at FinanceMagnates.com: FCA
Extends Anti-Harassment Rules to 37,000 Financial Firms, Including CFD Brokers.

Actions Against Banks and Unauthorised Firms

To reduce harm, the FCA fined two banks a total of over
£45.5 million for failures in sanctions controls and anti-money laundering
monitoring. It also issued 2,240 alerts about unauthorised firms and
individuals.

Nikhil Rathi, Chief Executive, noted the increased use of
data and technology to identify and address risks, highlighting key
achievements such as faster firm authorisations and changes to listing rules.