The FCA has set out its business plan for 2024 – 2025, the final year of its three-year strategy.

The UK financial watchdog said it will focus on 13 commitments which focus on preventing harm, setting higher standards and promoting competition.

The commitments include protecting customers by testing if firms are meeting the high standards set by the Consumer Duty, supporting people’s long term financial wellbeing through the Advice Guidance Boundary Review and making sure pension products deliver value for money.

The FCA said it is taking steps to become a more outcomes-based and data-led regulator to spot and and prevent harm. It claims to have removed over 10,000 potentially misleading adverts in 2023 and sent out 2,243 warnings about unauthorised firms and individuals.

It added that it has also more than doubled the number of firm permissions cancelled, compared to the previous year, for failing to meet its minimum standards.

Nikhil Rathi, chief executive of the FCA, said: “We’ve already made significant progress in delivering against the bold vision we set out in our strategy two years ago, including the game-changing introduction of the Consumer Duty and proposing the most far-reaching reforms to wholesale market regulation and the listing regime in decades

“We remain resolute in supporting the vital role the financial sector plays in the UK’s long-term economic growth, embracing the potential benefits that technology presents both for us and the firms we regulate, while also continuing to protect consumers and ensure market integrity.”

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