Over 2024, the regulator adds that it also “collaborated with big tech platforms, resulting in over 50 apps being removed from Google Play and the App Store”.
The UK’s Financial Conduct Authority (FCA) says that it blocked, suspended or removed more than 1,600 websites suspected of promoting financial services without permission during 2024.
The FCA’s annual report reveals a significant escalation in enforcement activity. Over 2024, the regulator says it “intervened to ensure almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to under 600 in 2021”, adding that it also “cancelled the authorisations of over 1,500 firms – 20% more than in 2023, and more than triple the number in 2021”.
The FCA says that it also “collaborated with big tech platforms, resulting in over 50 apps being removed from Google Play and the App Store”, which it says has helped in its work “to block fraud at source”.
Additionally, the regulator adds that it “took action to protect social media users from illegal financial promotions by unauthorised ‘finfluencers’”.
Reflecting on the year’s efforts, Nikhil Rathi, chief executive of the FCA, says: “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,” Rathi adds.
Source: https://www.fintechfutures.com/
