FCA doubles cancellations of non-compliant firms

Over 1,200 cancellations

The Financial Conduct Authority cancelled the authorisations of 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 £52,802,900. FCA unveils listings regime proposals to simplify market access for companies 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 amounted to £5.4m, comprising financial penalties of £3.9m and payments totallin...