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

Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read
Advisers: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read
CISI welcomes 76 Certified financial planners

CISI welcomes 76 Certified financial planners

Number of UK CFP professionals continues to rise

Sophia Panayi
clock 24 March 2026 • 1 min read