Following enforcement investigations, the Financial Conduct Authority imposed fines totalling £52,802,900 over this past year.
Between January and October 2023, the FCA also cancelled 1,266 firms that failed to meet its minimum standards for authorisation, double the number cancelled in the previous year.
Nikhil Rathi, chief executive of the FCA, said: “The financial services sector is vital to the UK economy, and we are committed to supporting its role in long-term economic growth.
“From the digital frontiers where new opportunities and risks are fast emerging, to the competitiveness of UK markets, we are focused on staying ahead and have laid out proposals for far-reaching reforms across our remit.
“We know at the FCA our role is not just about regulating financial services, it's about safeguarding futures, supporting innovation and informed risk-taking and maintaining a resilient financial ecosystem.”
In 2023, the regulator also took action against 14 firms and individuals in relation to the British Steel Pension Scheme, with sanctions totalling £5.4mn.
This is made up of financial penalties of £3.9mn and payments to the Financial Services Compensation Scheme totalling £1.5mn.
This year, as a result of FCA prosecutions, seven people have been convicted in the criminal courts for fraud or related offences, with six receiving prison sentences ranging from 2.5 to 9.5 years.
The regulator also used its powers under Anti-Money Laundering Regulations to disrupt 26 machines across 34 locations that were suspected of operating as unlawful crypto ATMs.
tara.o'connor@ft.com
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