As part of the Annual Report for the 2023/24 year, the FCA has published data on how it has used its enforcement powers during the year.
Key data includes:
- 98% of cases were opened against firms, as opposed to individuals, and related to around 2,600 firms;
- the highest number of cases were “use it or lose it” entries, followed by actions relating to returns or firm details attestations;
- 851 authorisations were cancelled, or which 668 resulted from “use it or lose it” action;
- 6 individual prohibitions;
- 102 voluntary actions (100 requirements/undertakings, 1 VVOP and 1 direction under the MLRs); and
- 25 own initiative outcomes