Enforcement investigations conducted during the year have resulted in fines totalling £52,802,900.
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.
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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 totalling £1.5m to the Financial Services Compensation Scheme.
The FCA's prosecutions have led to the conviction of seven individuals in criminal courts for fraud or related offenses. The sentences handed down range from 2.5 to 9.5 years.
As of December 2023, the FCA had removed over 10,000 «potentially misleading» adverts and sent out 2,243 warnings about unauthorised firms and individuals.
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