FCA cancels authorisations of over 1,500 firms in 2024

The FCA's annual report shows that over 1,600 websites suspected of promoting financial services without permission were suspended, removed or blocked in 2024 due to FCA action.

The regulator also collaborated with big tech platforms, resulting in over 50 apps being removed from Google Play and the App Store.

New technology also helped the FCA identify firms that did not meet its standards earlier and at scale. In 2024 the regulator intervened to ensure almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to under 600 in 2021. 

The FCA also cancelled the authorisations of over 1,500 firms - 20% more than in 2023, and more than triple the number in 2021.

Ashley Alder, chair of the FCA, said: “Our annual report shows how we’ve laid the strongest possible foundation from which to implement our new strategy. We’ll build on this over the next five years to deepen trust and rebalance risk so we can support growth and improve lives.”

Nikhil Rathi, chief executive of the FCA, commented: "We've embraced data and technology to crack down on harm and ensure high standards.

"I'm proud of our achievements over the course of our last strategy: 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.

“We’re ambitious for the future, and committed to enabling a fair and thriving financial services market for the good of consumers and the economy.”