The FCA has released figures demonstrating how it is cracking down on “problematic firms” and protecting consumers.

Over the past year, the regulator has stopped 627 firms from operating after they failed to meet minimum standards, an increase of about 30 per cent compared to the previous year.

The FCA said this move is part of its efforts to reduce harm to consumers and promote positive change in the financial services sector.

The watchdog said it scans around 100,000 websites a day looking for unlawful activity. It claims that this prevented consumers from falling for over 8,500 potentially misleading adverts in 2022, which is 14 times more than in 2021.  

The FCA estimates that for every pound spent on its operations last year, firms and individuals benefitted by £17 through its actions.

“The FCA has evolved into a more proactive, assertive and data-led regulator better equipped to face challenges like the rising cost of living in a more agile and effective way,” said Nikhil Rathi, chief executive of the FCA. “Tailored support is important for those struggling with debt and we continue to work with firms to make sure people receive the right help to manage their finances, especially with the rising cost of living.”

Share Story: