The Financial Conduct Authority (FCA) cancelled the authorisation of 1,261 firms in 2023/24, double that of the previous year, according to its annual report published today (5 September).
In the report, the FCA also revealed it had charged 21 individuals with financial crimes, marking the highest number of such charges in a single year. The regulator secured nine successful prosecutions against fraudsters. "We want to ensure that only those firms which meet our high standards continue to operate with our permission," FCA CEO Nikhil Rathi said. The FCA stated that the financial services register was updated to ensure consumers can check the legitimacy and authorisation status of firms they engage with. Awareness among firms of the FCA's ability to withdraw permiss...
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