The regulator published the figure in its annual report, which also set out how it has used data and technology to crack down on harm in financial services.
The FCA also collaborated with big tech platforms in its fight against financial crime, resulting in more than 50 apps being removed from Google Play and the App Store.
New technology also helped the FCA identify firms that did not meet its standards earlier and at scale. In 2024, the regulator intervened to ensure almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms, compared to fewer than 600 in 2021.
The regulator also took action to protect social media users from illegal financial promotions by unauthorised ‘finfluencers’. The FCA also cancelled the authorisations of more than 1,500 firms – 20% more than in 2023, and more than triple the number in 2021.
Ashley Alder, chair of the FCA, said: “Our annual report shows how we’ve laid the strongest possible foundation from which to implement our new strategy. We’ll build on this over the next five years to deepen trust and rebalance risk so we can support growth and improve lives.”
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Nikhil Rathi, chief executive of the FCA, said: “We’ve embraced data and technology to crack down on harm and ensure high standards.
“I’m proud of our achievements over the course of our last strategy: the biggest changes to listing rules in 30+ years, making it easier for companies to raise capital, ensuring good outcomes under the Consumer Duty and cutting authorisation times for firms that meet 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.”
