FCA Closes 1,600 Websites as It Fights Financial Crime

The FCA Financial Crime Crackdown intensified in 2023, as the UK regulator shut down over 1,600 scam websites that were trying to trick people. The goal of this widespread effort to stop fraud is to cut down on online financial scams, shut down unauthorised businesses, and build trust in the UK’s financial system.

Over 1,600 websites suspected of promoting financial services without permission were suspended, removed or blocked in 2024 because of FCA action, as part of its fight against financial crime. The regulator also collaborated with big tech platforms, resulting in over 50 apps being removed from Google Play and the App Store. This has helped the regulator in its work to block fraud at source.

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 In 2024 the regulator intervened to ensure almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to under 600 in 2021. It took action to protect social media users from illegal financial promotions by unauthorised ‘finfluencers’. The FCA also cancelled the authorisations of over 1,500 firms – 20% more than in 2023, and more than triple the number in 2021.

The FCA’s annual report sets out how it has delivered these and other important improvements for consumers, firms and markets in the final year of its 2022-2025 strategy.

The FCA’s recent wave of website takedowns shows how much the regulator is using digital tools and partnerships to keep people safe from illegal financial activity.

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, said: “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.”

Over the past year, the FCA has:

Reduced and prevented serious harm 

• Fined 2 banks a total of over £45.5m for financial crime failures on sanction controls and screening, and monitoring of money laundering risks.
• Issued 2,240 alerts about unauthorised firms and individuals.
• Targeted unauthorised influencers, interviewing 20 under caution for illegally promoting financial products and issuing 38 alerts against finfluencer social media accounts.

Set and tested higher standards

• Improved outcomes through the Consumer Duty, where its work on GAP insurance has saved consumers £70m.
• Implemented new rules on access to cash, resulting in improved cash services for 200 communities.
• Introduced the anti-greenwashing rule to protect consumers from misleading claims about sustainability-related financial products and services. Many firms have since updated their marketing and promotional materials.

Promoted competition and positive change 

• Strengthened the UK’s position in global wholesale markets by introducing the biggest changes to the listing regime in over 3 decades, a new private stock market and reforms to the prospectus regime.
• Worked with industry and other regulators to ensure an orderly transition away from LIBOR, making financial markets safer, more stable and fit for modern use.  All 35 LIBOR settings have now permanently ceased.
• Delivered efficient and effective authorisations, improving turnaround times and ensuring over 99% of applications were determined within statutory deadlines in Q4 2024/25.

As part of its FCA Financial Crime Crackdown, the regulator keeps fighting fraud, enforcing digital protections, and leading the fight against online financial scams.