FCA says it handed down £216m in penalties in 2022/23

FCA reveals it is investing in technology to improve investigations

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) has imposed financial penalties of nearly £216m over the last financial year.

In a speech delivered today (1 June) by the FCA's joint executive director of enforcement and market oversight Therese Chambers, it was revealed that the watchdog will prioritise imposing "the maximum possible penalties" on firms and individuals that do not comply with regulations. Chambers said the FCA is investing in data and technology to improve its investigations. "It is already harder than ever to hide. Early detection is always more effective," she said. The regulator has secured convictions against four people for a binary option fraud and started prosecutions into alleged ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers who look to psychographic traits can go the 'extra mile'

Advisers who look to psychographic traits can go the 'extra mile'

‘Fast growing advice firms are considering client behaviours and values’

Isabel Baxter
clock 12 July 2024 • 1 min read
The Adviser Incubator: Meet graduate Rebecca Penny

The Adviser Incubator: Meet graduate Rebecca Penny

An inside look at The Verve Foundation’s programme

Hope Coumbe
clock 12 July 2024 • 6 min read
Court date set for 'finfluencers' following FCA crackdown

Court date set for 'finfluencers' following FCA crackdown

Trials have been scheduled after the FCA charged nine individuals

Sahar Nazir
clock 12 July 2024 • 1 min read