FCA doubles cancellation of non-compliant firms

The regulator cancels over 1,200 firms and cracks down on misleading adverts

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) cancelled 1,266 firms between January and October 2023, doubling the number of cancellations recorded in the previous year.

The measures are a response to firms that failed to meet the minimum standards required for authorisation. Enforcement investigations conducted during the year have resulted in fines totalling an imposing £52,802,900. One focus of the FCA's enforcement efforts in 2023 has been the British Steel Pension Scheme, with the regulator publishing details of actions taken against 14 firms and individuals. Sanctions imposed on these entities amount to £5.4m, comprising financial penalties of £3.9m and payments totalling £1.5m to the Financial Services Compensation Scheme. The FCA's pro...

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