FCA Enforcement data 2025/26

As a data-led regulator, we use intelligence and analytics to identify emerging risks and prevent harm. We work with partners, including the National Crime Agency, using secure data-sharing arrangements to support timely action. 

Our capability brings together and analyses a range of data, including suspicious activity reports, to produce intelligence. This has enabled us to identify 30 suspected unregistered crypto brokers and a payments institution linked to unregistered crypto activity involving around £30m of payment flows. This resulted in supervisory and enforcement action. 

Whistleblowing intelligence provides valuable insight that helps us stop harm or non-compliance. Over the last 12 months, more than 40% of whistleblowing disclosures led to direct action. A further 53% informed our wider work, including harm prevention.

The number of whistleblowing disclosures received increased by 20%, from 1,131 in 2024/25 to 1,369 in 2025/26.  We have improved our processes to identify issues earlier and respond more quickly and efficiently. 

View our latest whistleblowing data.

We use a range of tools, not just enforcement action, to identify and disrupt harm. This includes supervisory interventions, as well as warnings and alerts about firms conducting regulated activities without authorisation. These are published on our Warning List. 

Firms and individuals must meet minimum standards (Threshold Conditions for firms, and the Fit and Proper test for individuals) to remain authorised or approved.

We can cancel a firm's authorisation or registration, or prohibit an individual, where these standards are not met. Most Threshold Conditions cases relate to firms. 

These include when a firm has failed to:

• submit a Directory Persons Attestation (Directory Person) confirming data for individuals maintained on the Financial Services Register is complete and accurate
• submit a Firm Details Attestation (FDA) confirming firm data on the Financial Services Register is complete and accurate
• pay its annual fee and the collections process has been exhausted (Fee)
• submit a regulatory return (Return)
• carry on regulated activity related to the permissions it holds (Use it or Lose it or UIOLI)

A firm may have more than one case recorded where it has several failings. For example, it may have both a fees case and a UIOLI case. 

Cases are more complex where a firm or individual fails to meet our minimum standards to the point where we believe they should no longer be authorised or approved or should be banned from providing financial services in the future. We call these ‘failure to meet standards’ cases.

After introducing UIOLI powers in September 2022, we cancelled permissions of a large number of firms. This led to higher volumes of cases and cancellations in 2023/24 and 2024/25. 

Having completed this initial work, activity has stabilised. From January 2026, we expect UIOLI case volumes and cancellations to fall from the higher levels of 2023/24 and 2024/25.

Cases opened during 2025/26

In 2025/26, fewer than 1% of cases opened were against individuals. The remaining cases were against around 2,600 firms.

Cancellations and Prohibitions during 2025/26

Table 1: Prohibitions 

Other outcomes

In addition to cancellations, outcomes include firms taking action to meet required standards. Some cases are discontinued where we take other regulatory action, such as varying permissions or applying ongoing supervisory oversight.

We identify and respond to concerns about firms or individuals that present a risk of ongoing harm, including financial loss to consumers or market integrity.  

The focus of our intervention powers relates to preventative supervisory measures that help ensure forward-looking compliance and corrective action that promotes our statutory objectives. 

Intervention activity is not intended to replace enforcement action and may complement it.  Our intervention powers are a key part of the FCA’s focus on identifying harm early and disrupting at pace across our operational pipeline. We use enforcement action to address backward-looking issues where it is proportionate to do so. 

Interventions toolkit

We use a range of intervention tools to engage with firms and take early and swift action. 

These include:

• varying a firm’s permissions, either voluntarily (VVOP) or using our own initiative powers (OIVOP)
• imposing or varying requirements on a firm, either voluntarily (VREQs) or under our own initiative powers (OIREQ)
• issuing directions to firms under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), either voluntarily (VDIRs) or under our own initiative powers (OIDIR)
• varying the approval of a senior manager, either voluntarily (VVAP) or using our own initiative powers (OIVAP)
• using our financial promotions banning power

These powers sit alongside other supervisory tools we use, including: 

• Skilled Person Reviews
• Attestations
• Undertakings
• Information requirements

We may use a combination of these tools to disrupt and mitigate harm.

Supervision and Authorisations teams mainly use these powers and tools. The Enforcement Interventions Team provides specialist advice and support on their use. 

Not all voluntary interventions require support from the Interventions Team, especially in less complex cases. All own initiative actions, where powers are exercised without the agreement of the firm or individual, are supported by Enforcement. 

In 2025/26, Enforcement opened 265 new intervention cases, up from 260 in 2024/25. The Interventions Team supported 137 outcomes in 2025/26 (124 voluntary and 13 own initiative), compared to 140 outcomes in 2024/25 (130 voluntary and 10 own initiative). 

Voluntary outcomes 2025/26

Where we identify concerns or where things go wrong, we generally seek to agree with the firm voluntary steps it must take to address our concerns. This helps to address risks and mitigate harm more quickly. 

Table 2 shows voluntary outcomes agreed with firms, supported by the Interventions Team. The figures in Table 2 are comparable with enforcement data published in 2023/24 and 2024/25.

Table 2: Voluntary outcomes supported by Enforcement 

*In our 2024/25 data, we reported 86 VREQs and 33 undertakings. We have since identified a further 4 VREQs and 1 undertaking from that year, supported by the Interventions Team.

Voluntary outcomes supported by the Interventions Team are a subset of all voluntary interventions undertaken across the FCA. Following improvements to the Financial Services Register data, including the ‘Firm Checker’ tool, we can now report firm-facing voluntary outcomes across the FCA for 2025/26 onwards.

Table 3 shows all voluntary outcomes across the FCA in 2025/26. The figures in Table 2 are included within these totals. 

Table 3: FCA Wide Intervention Tools 

Our standard approach is to publish voluntary restrictions on the Financial Services Register. In some cases, it may not be appropriate to do so.

Own initiative action 

Where appropriate, we use formal powers without the agreement of the firm or individual. This includes: 

• imposing requirements on a firm’s permissions (OIREQs)
• varying a firm’s permissions (OIVOPs)
• issuing directions under the MLRs (OIDIRs)
• varying the approval of a senior manager (OIVAPs)

We take own initiative action to address serious concerns, particularly where the concerns or risk of harm needs to be addressed urgently. Decisions to take own initiative action are taken under executive procedures in line with DEPP 4.

We notify firms of own initiative actions using a First Supervisory Notice. We will usually publish these notices with some exceptions. We also update the Financial Services Register to reflect any requirements, variations or directions.

Once we issue a First Supervisory Notice, it may take effect immediately or from a specified date. Firms can make written representations to the decision-maker about the action. After considering these representations, we may issue further Supervisory Notices or decide to lift the action. If we lift the action, we update the Financial Services Register to reflect this. 

In 2025/26, 3 firms made written representations to the decision-maker on First Supervisory Notices. Following these representations, we issued 2 Second Supervisory Notices.

Firms can refer any Supervisory Notice to the Upper Tribunal. They can also apply for privacy to prevent publication of the notice or request suspension of its effects. No such referrals or applications were made in 2025/26.

Table 4 shows the own initiative outcomes for 2025/26. All own initiative action involves the Interventions Team.

Table 4: Interventions own initiative action

We investigate firms and individuals for potential regulatory breaches or criminal offences. This can lead to prosecution or enforcement action with various outcomes including imprisonment, consumer redress, financial penalties or banning people from performing functions relating to regulated activities and public censures. We may also obtain court orders to protect assets and compensate consumers.

We open an enforcement operation when we appoint investigators under relevant legislation, typically Part XI of the Financial Services and Markets Act 2000 (FSMA).

We investigate a wide range of potential misconduct including:

• insider dealing, market abuse and market manipulation
• firms and individuals carrying on regulated activities without authorisation, in breach of the general prohibition and/or contravening restrictions on financial promotions
• firms selling unsuitable products or services to consumers, mishandling client money and assets, or have governance and systemic issues
• suspected fraud by firms authorised by us and other criminal activity involving firms or individuals within the financial services sector, including organised criminal activity 
• inadequacy in firms’ financial crime frameworks, including anti‑money laundering systems and controls 

We also take action against individuals under the Senior Managers and Certification Regime (SM&CR), the Statements of Principle and Code of Practice for Approved Persons (APER) and fitness and properness regimes.

The data reflects the number of enforcement operations. A single operation may involve investigations into multiple firm(s) and/or individuals at any one time.

As at 31 March 2026, we had 127 open operations in respect of 218 individuals and 108 firms compared to 130 operations in 2024/25, in respect of 259 individuals and 122 firms.

We have reported current operations against our strategic priorities for 2025 to 2030.

Cases are grouped in 3 main areas: 

• Fighting financial crime – including fraud and scams, organised crime, weaknesses in anti-money laundering systems and controls, and market abuse.
• Helping consumers – including breaches of the Consumer Duty.
• Other – including serious misconduct that does not directly align to one of the strategic priorities referenced above. 

In 2023/24 and 2024/25, we reported operations against our strategic priorities for 2022 to 2025. 

We have aligned these categories to our current 2025 to 2030 strategic priorities:

• cases previously categorised as ‘reducing and preventing financial crime’ and ‘strengthening wholesale markets’ are now reported under ‘fighting financial crime’
• cases previously categorised as ‘putting consumers’ needs first’ are now reported under ‘Helping Consumers’ 

Current operations as at 31 March 2026 by type of operation and strategic priority

Figures in parentheses represent the equivalent figures as at 31 March 2025, mapped to our new strategic priorities.

Table 4: Current operations as at 31 March 2026 by type of operation and strategic priority

Duration of Enforcement operations

The speed of investigations and the length of time that an investigation may remain open depend upon various factors, including: 

• the level of cooperation from subjects of investigations 
• the complexity of the issues under investigation 
• the volume of data and evidence to be obtained and reviewed 
• whether the subject contests our findings
• delays in the justice system

We have increased the pace and focus of our enforcement work to deliver impactful deterrence. 

Our data covers 2 stages of an enforcement operation: the investigation stage and the post-investigation stage. The investigation stage starts when we open an enforcement operation. It continues throughout the investigation and includes legal review and settlement where needed.

After the investigation, an operation may close, settle, or proceed to the Regulatory Decisions Committee (RDC) or contested litigation in the criminal or civil courts or Upper Tribunal. The post-investigation stage includes investigations that are before the RDC or in litigation.    

Duration is measured from the point we decided to open an enforcement operation to its status as at 31 March 2026.

In criminal proceedings, an operation remains open after a conviction while any confiscation orders under the Proceeds of Crime Act 2002 are outstanding. The data includes 2 operations, that have been open for over 60 months and are on hold because a defendant has absconded. 

Figures in parentheses represent the equivalent figures as at 31 March 2025.

Table 5: Age of current operations in the investigation stage as at 31 March 2026 

Table 6: Age of current operations that have proceeded through the investigation stage and are now in the post-investigation stage as at 31 March 2026

Operations opened

We opened 33 operations in the financial year 2025/26, compared to 23 in 2024/25.

Table 7: Number of operations opened from 1 April 2025 to 31 March 2026

Operations closed 1 April 2024 to 31 March 2026 by duration

Table 8 sets out the age of the enforcement operations by duration. This is measured from when we decide to open an enforcement operation to when we close the case on our case management system.

Table 8: Operations Closed 1 April 2025 to 31 March 2026 by duration

Table 9 sets out a breakdown of the outcome of our enforcement operations that were closed in 2025/26. 

A growing proportion of our enforcement operations are closing with an FCA enforcement outcome. This reflects the increased focus we are applying to enforcement work.

Table 9: Operations closed 1 April 2025 to 31 March 2026 by outcome

*Other action includes where we transfer investigations to another agency where the company is wound up, or where we take alternative action, such as a supervisory response.

Enforcement outcomes

A single enforcement operation may involve investigations into multiple firms or individuals. This means one enforcement operation may result in several outcomes. For example, we may issue Final Notices to each individual investigated as part of a regulatory enforcement operation. For that reason, table 10 reports outcomes at the subject level rather than the operation level. 

We delivered 47 enforcement outcomes in 2025/26, up from 42 in 2024/25. This was driven by an increase in the number of convictions we secured. 

The reduction in Threshold Conditions outcomes reflects lower volumes of UIOLI cases as explained above.

Table 10: Enforcement outcomes

*Including Notices relating to Money Laundering Regulations 2007 and Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

**An Enforcement Final Notice may contain several outcomes. These outcomes have been listed in their respective area. 

***Threshold Conditions cancellations – see section above.

****The 2025/26 conviction figures include one individual who pleaded guilty and was granted a conditional discharge.

As at 31 March 2026, we had 43 restraint or civil freezing orders in place, with an estimated value of over £66m. This includes 8 new restraint or civil freezing orders we obtained during 2025/26.

Table 11: Total number of restraint or civil freezing orders with value as at 31 March 2026

Table 12: New restraint or civil freezing orders obtained between 1 April 2025 to 31 March 2026

Proceeds of Crime Act: Confiscation orders

We continue to enforce confiscation orders to compensate victims and deprive criminals of the financial benefit of the crime. In 2025/26, we secured 6 confiscation orders totalling £7.7m.

Where there are consumer losses, the court may order compensation be paid to victims from the recovered confiscation money. If there are no identified victims, or the recovered funds exceed the compensation ordered, the remaining amount is paid to the Home Office.

We are a member of the Asset Recovery Incentivisation Scheme. Under this scheme, we receive a portion of the money recovered and paid to the Home Office following successful proceedings conducted under the Proceeds of Crime Act 2002. 

Funds secured for consumers and investors

Where appropriate, we aim to secure redress for consumers who have suffered harm or return funds to investors. In 2025/26, we secured an estimated £82.1m for consumers and investors through redress schemes, settlements and civil proceedings.

Table 13: Funds secured for consumers and investors between 1 April 2025 to 31 March 2026

Many of our investigations involve activity across multiple jurisdictions. We work closely with international partners to address cross-border misconduct. This includes working with international groups like the International Organisation of Securities Commission’s (IOSCO) committee on enforcement and the exchange of information. 

We are one of the largest users of IOSCO’s Multilateral Memorandum of Understanding (MMoU). We also receive the largest number of requests for help under this agreement. In 2025/26, we received 341 incoming requests and supported 138 outgoing requests under this agreement.

In 2025, overseas partners publicly recognised our support in 4 cases, including 2 with the US Commodity Futures Trading Commission (CFTC), the US Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC). Our investigations also benefit from support provided by our overseas partners, for example, our investigation into Bluecrest.

One of our directors, Nicholas Hills, Chairs IOSCO’s MMoU Monitoring Group. This group focuses on the continued success of, and full compliance with, this essential cooperation agreement. We expect to continue to implement positive change in this area in the coming year.