The Financial Conduct Authority (FCA) has released its Annual Report for 2024, marking the final year of its 2022-2025 strategic cycle. The report highlights significant achievements in using data and technology to prevent harm, raise standards and promote a resilient and competitive financial services sector in the UK.
Technology-Driven Action Against Financial Crime
A key theme throughout the report is the FCA’s enhanced capability to detect and mitigate harm through digital tools. In 2024, the regulator acted against more than 1,600 websites suspected of promoting unauthorised financial services. Collaborations with major digital platforms also led to the removal of over 50 mobile applications promoting illicit activity, helping to reduce fraud at its source.
The FCA’s advanced data analytics enabled earlier and broader intervention. Nearly 20,000 financial promotions were amended or withdrawn by authorised firms, compared with fewer than 600 in 2021. The regulator also intensified scrutiny of illegal promotions on social media, issuing 38 alerts against high-risk ‘finfluencer’ accounts and interviewing 20 individuals under caution.
Delivering Better Outcomes for Consumers
The report outlines the FCA’s efforts to improve outcomes through the implementation of the Consumer Duty, which requires firms to prioritise customers’ needs. Notably, the FCA’s intervention on Guaranteed Asset Protection (GAP) insurance secured approximately £70 million in savings for consumers by ensuring better value and fairer pricing.
To promote financial inclusion, the FCA introduced rules to maintain access to cash. These measures have benefited approximately 200 communities, particularly in rural or underserved areas.
Environmental claims in financial promotions have come under greater scrutiny with the introduction of the anti-greenwashing rule, as set out in the Environmental, Social and Governance (ESG) Sourcebook. This has led many firms to revise their sustainability-related communications to ensure they are clear, fair, and not misleading.
Market Stability and Competitiveness
The FCA undertook a series of reforms aimed at reinforcing the UK’s global standing in financial markets. The listing regime was modernised for the first time in over 30 years, alongside the introduction of a private stock market and updates to the prospectus regime. These changes aim to simplify capital raising and support growth for UK-based firms.
Another milestone was the complete cessation of all 35 LIBOR settings, contributing to safer and more stable financial markets. This transition, managed in coordination with industry and global regulators, marks a significant milestone in financial reform.
Additionally, the FCA reported improved efficiency in its authorisation processes. In the final quarter of 2024/25, over 99% of applications were determined within statutory timeframes, demonstrating a strong balance between timely processing and upholding regulatory standards.
Next steps
The Annual Report reflects on the successful delivery of key elements of the FCA’s previous strategy and sets a clear foundation for the newly launched 2025–2030 strategy. Looking forward, the FCA remains committed to using data and technology to maintain high standards, foster innovation and ensure the long-term health of UK financial markets.
Senior leadership within the FCA noted that recent progress has positioned the regulator to deepen trust, rebalance risk and support sustainable growth across the sector in the years ahead.
Conclusion
The FCA’s 2024 Annual Report signals a regulator that is proactive, technology-enabled and focused on delivering measurable impact. Through strengthened enforcement, higher standards and modernised regulation, the FCA continues to shape a more secure, inclusive, and competitive financial services environment in the UK.
How can Complyport Help?
With the FCA intensifying its focus on financial promotions, authorisations, and the Consumer Duty, firms are operating under greater scrutiny than ever. Complyport provides expert compliance support tailored to help regulated firms thrive in this evolving landscape. Our services include:
- Financial Promotions Compliance: Ensuring promotions meet FCA standards and avoid enforcement risks.
- Authorisation Support: Efficiently managing FCA applications to meet regulatory standards.
- Consumer Duty Impact Assessment (CDIA): Conducting a comprehensive review to identify compliance gaps and provide practical solutions.
- Greenwashing Risk Reviews: Evaluating ESG claims for alignment with the FCA’s anti-greenwashing rule.
Complyport offers practical, tailored compliance solutions to help you stay aligned with FCA expectations while supporting sustainable growth.
Book a meeting with one of our Subject Matter Experts to ensure you remain compliant and well-positioned in the evolving UK regulatory landscape.
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