FCA’s Tech Crackdown Suspends 1,600+ Financial Sites

The UK Financial Conduct Authority (FCA) has made major progress in fighting financial crime throughout 2024, taking aim at crypto scams, illegal financial promotions, finfluencers, and failures in money laundering controls. The FCA financial crime crackdown 2024 report shows just how far the regulator has gone to protect consumers and businesses.

This year, the FCA has been at the forefront of tackling new threats, especially those coming from social media and digital platforms. Crypto scams, misleading financial promotions, and the activities of finfluencers have been a central focus. In 2024 alone, the FCA suspended, blocked, or removed over 1,600 websites suspected of promoting financial services without proper authorisation.

Technology has played a huge role in this crackdown. The FCA has expanded its use of data analytics and teamed up with Big Tech to better spot and remove rogue financial services online. In 2024, the FCA reviewed about 480,000 websites and took down or blocked more than 3,000 domains. Over 50 non-compliant apps were also removed from the Google Play and Apple App stores.

A major target this year has been ‘finfluencers’—social media personalities who promote financial services like FX trading without FCA approval. The FCA launched a high-profile investigation into a group of influencers and TV reality stars with a combined Instagram following of 4.6 million. They were accused of promoting unapproved financial products. As a result, 20 people were interviewed under caution, five have already been convicted, and 37 more are awaiting trial for illegally promoting financial services. This case underlines the FCAs increasing vigilance against financial crime on social platforms.

The FCAs approach to non-compliant financial promotions has been tough and effective. Firms and individuals who break advertising and promotion rules are facing real consequences. In 2024, the FCA intervened to ensure nearly 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, a huge jump from under 600 in 2021.

A key trend in the FCA‘s 2024 report is the sharp rise in firm authorisation cancellations. The FCA cancelled the authorisations of over 1,500 firms this year, a 20% increase from 2023 and more than triple the number in 2021. This sends a strong message that non-compliance will not be tolerated and helps keep the UK’s financial system safe.

The FCA has also fined several banks for failing to meet anti-money laundering (AML) requirements. In 2024, Starling Bank was fined nearly £29 million for serious failures in its financial sanctions screening and for opening accounts for high-risk customers. Metro Bank received a £16 million penalty for not monitoring over 60 million transactions for money laundering risks. Earlier in the year, Monzo was fined £21 million for similar failings in its anti-financial crime controls.

While enforcement has been a big part of the FCAs work, the regulator is also encouraging innovation. New technologies have led to the launch of regulatory sandboxes, where firms can test new ideas in a safe environment. The Digital Securities Sandbox, created with the Bank of England, allows businesses to try out tech solutions for digital assets, and companies in the sandbox are 50% more likely to raise funding than those outside it.

Data has become a powerful tool for the FCA. By using advanced analytics and new technology, the FCA can quickly spot firms at risk of insolvency or suspicious activity. Since June 2024, the FCAs systems have automatically identified 849 firms that failed to report their insolvency, allowing for rapid regulatory action.

The UK Financial Conduct Authority is an independent regulator overseeing financial markets in the UK. Its mission is to ensure markets run fairly and transparently, boost consumer confidence, and protect the financial sector from harmful practices. The FCA continues to adapt, using new technology and regulations to keep the financial environment safe and secure.

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The FCA‘s financial crime crackdown in 2024 has reshaped the UK’s regulatory scene. By focusing on fintech, financial promotions, and the growing influence of social media, the FCA has shown its commitment to protecting consumers and ensuring a fair market. As 2025 approaches, the FCA is set to keep using technology and innovation in its fight against financial crime.