FCA's 2024 Financial Crime Crackdown: 1,600 Websites Taken Down, 50 Apps Removed

The UK's Financial Conduct Authority (FCA) has reported a surge in enforcement activity throughout 2024, targeting unauthorised financial promotions and combating financial crime.

1,600+ Websites and 50+ Apps Removed 

More than 1,600 websites suspected of illegally promoting financial services were suspended, removed, or blocked following interventions by the FCA. The regulator also worked closely with major tech platforms, leading to the removal of over 50 apps from the App Store and Google Play.

Non-Compliant Promotions: 20,000 Amended or Withdrawn 

Authorised firms were required to amend or withdraw nearly 20,000 non-compliant financial promotions last year, a significant rise from fewer than 600 in 2021. In 2023, this figure was 10,008.

Crackdown on ‘Finfluencers’ 

In a bid to protect social media users, the FCA targeted unauthorised financial influencers (‘finfluencers’). It issued 38 alerts against finfluencer social media accounts, interviewed 20 finfluencers under caution for illegally promoting financial products.

1,500+ Firm Authorisations Cancelled

Authorisation for more than 1,500 firms was revoked in 2024, marking a 20% year-on-year increase and more than triple the number cancelled in 2021.

Financial Penalties and Public Alerts 

Two banks were fined a combined £45.5 million for deficiencies in sanction controls and screening, and monitoring of money laundering risks. 

Additionally, the FCA issued 2,240 alerts regarding unauthorised firms and individuals posing financial threats to consumers.