The number of dawn raids conducted by the FCA has fallen from 20 in 2013 to just eight last year, according to City law firm RPC.
Figures published by the firm showed the number of dawn raids had reached its lowest level since the financial crisis.
The highest number in recent years has been 37, carried out by the then-FSA, in 2009.
Richard Burger, partner at RPC, said: “The FCA is doing a great job with the headline-grabbing scandals but it needs to focus on the smaller issues too or it will face a huge task of cracking down on a backlog of smaller illegitimate investment schemes in the future.”
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On 1 April the FCA, which was already regulating Libor, began regulating and supervising seven additional financial benchmarks, including the ICE Brent Index and the Sterling Overnight Index Average, also known as Sonia.
Simon Webster, managing director of Kent-based Facts and Figures, said: “It is disappointing that the FCA is not putting more resources into dealing with day-to-day financial crime.”
Right to reply
The FCA was asked to comment but did not respond.
However, a note from the regulator’s 2014/15 annual report and accounts said: “We identify the most serious matters posing the greatest risk to consumers and seek to stop them in a number of ways, including bringing civil or criminal legal proceedings against the perpetrators, disruption tactics such as taking down websites, and publishing consumer warnings.”