Over 1,600 websites suspected that they were promoting financial services without permission had been suspended, removed or excluded in 2024 due to the action of financial behavior (FCA) in the context of the fight against financial crime.
The regulator also worked with large technology platforms, resulting in more than 50 apps from Google Play and the App Store. This helped the regulator in his work to prevent fraud at the source.
The new technology also helped FCA identify businesses that did not meet its standards earlier and on a scale. In 2024 the regulator intervened to ensure that nearly 20,000 non -compliant financial promotions were modified or retired by authorized companies, compared to below 600 in 2021.
It took action to protect users of social media from illegal economic promotions from unauthorized “Finfluencers”.
FCA also canceled the licenses of over 1,500 businesses – 20% more than 2023 and more than the triple number in 2021.
In the past year, FCA has:
- 2 banks have returned more than £ 45.5 million for financial crime failures over checks and control control and monitoring the risks of money laundering.
- Issued 2,240 notifications on unauthorized businesses and individuals.
- The targeted unauthorized influencers, interviewing 20 carefully on the illegal promotion of financial products and the issuance of 38 notifications against Finfluencer’s social media accounts.
- Improved results for consumers through the duty of consumers, where his work for gap insurance has saved consumers of £ 70 million.
- Apply new rules for access to cash, resulting in improved cash services for 200 communities.
- Introduced the rule against green washing for consumer protection from misleading claims on financial products and services related to sustainability. Many businesses have informed their marketing and advertising materials since then.
- He has worked with industry and other regulators to ensure a regular transition away from Libor, making financial markets safer, more stable and suitable for modern use. All 35 Libor settings have stopped permanently.
- Effective and effective authorizations were delivered, improved recovery times and ensuring that more than 99% of applications were determined within the legal timeframe in the quarter of 2024/25.