Context
Sarah Pritchard, markets and executive director, delivered a speech at the Financial Crime Summit in London, regarding the FCAs priority in fighting financial crime and that this is a key commitment in the FCAs 3-year strategy. Financial crime is not just an issue for the financial sector, but for other sectors too, sharing data and intelligence is a vital tool in staying one step ahead.
Key points to note and next actions
- In the last financial year, the FCA charged 21 individuals with financial crime offences; the highest number of charges the FCA have achieved in any single year.
- The FCA want firms to have the right systems and controls in place before the FCA authorise them.
- Using data and technology, the FCA have increased their capacity to identify illegal financial promotions on websites or social media. Tackling fraud faster by scanning approximately 100,000 websites every day to identify those that appear to be scams.
- Over 10,000 potentially misleading adverts were either amended or withdrawn because through FCA action in 2023 – an increase of 17% on 2022.