FCA Applies New Tech to Handle 3,200% More Financial Promotions Reviewed in Three Years ⋅ Crypto World Echo
The Financial Conduct Authority used data and technology totackle unauthorized financial promotions, suspending or blocking over 1,600websites and removing more than 50 apps from major platforms like Google Playand the App Store. The regulator’s latest annual report outlines these actionsand other steps taken to address harm in the financial sector.
Rise in Financial Promotion Interventions
In 2024, the FCA intervened in almost 20,000 financialpromotions, ensuring they were amended or withdrawn—a significant increase fromfewer than 600 in 2021. It also cancelled the authorisations of over 1,500firms, 20% more than in 2023 and more than triple the number in 2021.
“Our annual report shows how we’ve laid the strongestpossible foundation from which to implement our new strategy,” said AshleyAlder, Chair of the FCA.
Our Annual Report sets out how we’ve used data and technology to crack down on harm in financial services.Read more https://t.co/PV9ugNCd9d#FinancialServices#FinancialRegulation#Data#TechInFinancepic.twitter.com/DweFq2zcVo
— Financial Conduct Authority (@TheFCA) July 10, 2025
Targeting ‘Finfluencers’ on Social Media
The regulator focused on social media enforcement, targetingunauthorised ‘finfluencers.’ It interviewed 20 individuals under caution andissued 38 alerts regarding illegal promotions on social media platforms.
You may find it interesting at FinanceMagnates.com: FCAExtends Anti-Harassment Rules to 37,000 Financial Firms, Including CFD Brokers.
Actions Against Banks and Unauthorised Firms
To reduce harm, the FCA fined two banks a total of over£45.5 million for failures in sanctions controls and anti-money launderingmonitoring. It also issued 2,240 alerts about unauthorised firms andindividuals.
Nikhil Rathi, Chief Executive, noted the increased use ofdata and technology to identify and address risks, highlighting keyachievements such as faster firm authorisations and changes to listing rules.
Whistleblowing Reports Inform FCA’s Supervisory Actions
In a separate update, the FCAreceived 1,131 whistleblowing reports between April 2024 and March 2025,containing 2,684 distinct allegations. These reports led to direct action in908 cases, including reviews and enforcement steps.
A growing number of allegations were tied to the ConsumerDuty, introduced in 2023, which has now replaced the “Treating CustomersFairly” category. The most common issues reported included compliance breaches,mis-selling, poor advice, and weak customer outcomes—highlighting the FCA’sincreased reliance on whistleblowing to inform supervisory actions.
This article was written by Tareq Sikder at www.financemagnates.com.
