Over 1600 websites suspected of promoting financial services without permission were suspended, removed or blocked in 2024 because of the UK's Financial Conduct Authority.
The regulator says it also worked with big tech platforms to get over 50 apps removed from Google Play and the App Store as it used new technology to help identify firms that did not meet its standards earlier and at scale.
In 2024 the FCA intervened to ensure almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to under 600 in 2021. It also used criminal powers to take action against illegal financial promotions by unauthorised ‘finfluencers’.
Meanwhile, according to its annual report the watchdog cancelled the authorisations of over 1500 firms - 20% more than in 2023, and more than triple the number in 2021.
Nikhil Rathi, chief executive, FCA, says: "We've embraced data and technology to crack down on harm and ensure high standards...We’re ambitious for the future, and committed to enabling a fair and thriving financial services market for the good of consumers and the economy."