There are many drivers of financial crime and multiple domestic and international partners who can affect its prevalence and impact on victims. Achieving our outcomes together depends on the collective actions and collaboration of this team. The Government has published the Economic Crime Plan 2 and its fraud strategy[1] (external link), which underpins the continued national drive to reduce financial crime in the UK.
Where our powers and remit mean we can have an impact on investment fraud and Authorised Push Payment (APP) fraud, we set ourselves clear outcomes and measured how effective we were in achieving them.
Confidence

Outcome 1: Slow the growth in investment fraud victims and losses
Metric code | Metric description | Source | Baseline Value | Year 1 values | Year 2 values | Year 3 values | Latest status (year 3 value compared to baseline) | ||
---|---|---|---|---|---|---|---|---|---|
PFC1-M01
This metric uses the same data as topline metric CCO3-M03[2] and metric IHT3-M01 under the Enabling consumers to help themselves commitment
| Reported investment fraud victims and losses | National Fraud Intelligence Bureau | 26,482 total reported victims (2021) | 25,558 total reported victims (2022) | 26,643 total reported victims (2023) | 24,621 total reported victims (2024) | Improved | ||
£832.5m total reported losses (2021) | £888.8m total reported losses (2022) | £525.7m total reported losses (2023) | £552.6m total reported losses (2024) | ||||||
28% growth in reported victims (Between 2020 and 2021) | 3.5% reduction in reported victims (Between 2021 and 2022) | 4.2% growth in reported victims (Between 2022 and 2023) | 7.6% reduction in reported victims (Between 2023 and 2024) | ||||||
53% growth in losses (Between 2020 and 2021) | 6.8% growth in losses (Between 2021 and 2022) | 40.8% reduction in losses (Between 2022 and 2023) | 5.1% growth in losses (Between 2023 and 2024) |
Outcome 2: Slow the growth in Authorised Push Payment (APP) fraud cases and losses
Metric code | Metric description | Source | Baseline Value(s) | Year 1 values | Year 2 values | Year 3 values | Latest status (year 3 value compared to baseline) |
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PFC2-M01
This metric uses the same data as topline metric CCO3-M04[2]
| Reported APP fraud cases and losses | UK Finance | 154,614 total reported cases (2020) 195,996 total reported cases (2021) | 207,372 total reported cases (2022) | 232,429 total reported cases (2023) | 185,733 total reported cases (2024) | Improved |
£420.7m total reported losses (2020) £583.2m total reported losses (2021) | £485.2m total reported losses (2022) | £459.7m total reported losses (2023) | £450.7m total reported losses (2024) | ||||
27% growth in reported cases Between 2020 and 2021 | 6% growth in cases Between 2021 and 2022 | 12% growth in cases Between 2022 and 2023 | 20% reduction in cases between 2023 and 2024 | ||||
39% growth in reported losses Between 2020 and 2021 | 17% reduction in losses Between 2021 and 2022 | 5% reduction in losses Between 2022 and 2023 | 2% reduction in losses Between 2023 and 2024 |
Outcome 3: Reduction in financial crime by lowering the incidence of money laundering through the firms we supervise directly and by improving the effectiveness of supervision by professional body supervisors
Metric code | Metric description | Source | Baseline Value(s) | Year 1 values | Year 2 values | Year 3 values | Latest status (year 3 value compared to baseline) |
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PFC3-M01
This metric uses the same data as topline metrics CCO3-M05[3] and WCO2-M03[2]
| Increase in the proportion of applications rejected, withdrawn or refused by the FCA under Money Laundering Regulations (MLRs) or for financial crime reasons | FCA data | 48 Annex 1[3] applications (2021/22) | 54 Annex 1 [6]applications (2022/23) | 84 Annex 1 applications (2023/24) | 247 Annex 1 applications (2024/25) | Little or no change |
21% were rejected, withdrawn or refused (2021/22) | 24% were rejected, withdrawn or refused (2022/23) | 36% were rejected, withdrawn or refused (2023/24) | 20% were rejected, withdrawn or refused (2024/25) | ||||
122 cryptoasset registration applications (2021/22) | 88 cryptoasset registration applications (2022/23) | 40 cryptoasset registration applications (2023/24) | 28 cryptoasset registration applications (2024/25) | Declined | |||
81% were rejected, withdrawn or refused (2021/22) | 93% were rejected, withdrawn or refused (2022/23) | 86% were rejected, withdrawn or refused (2023/24) | 54% were rejected, withdrawn or refused (2024/25) | ||||
PFC3-M02
| Increase in the number of customer and payment sanctions alerts generated by firms as reported through the annual financial crime data return | FCA Data | 7,629 alerts (2019/20) 6,755 alerts (2021/22)
| 15,248 alerts (2022/23) | 12,163 alerts (2023/24) | Improved
| |
PFC3-M03 | Change in Professional Body Supervisor (PBS) effectiveness over time. | FCA Data | OPBAS September 2021 report[4] | OPBAS April 2023 report[5] | OPBAS September 2024 report[6] | OPBAS supervisory cycle is in progress. The next OPBAS (6th) periodic report publication will contain full data set, with expected publication in early 2026. | Not assessed
|
PFC4-M01 | Number of cases opened relating financial crime | FCA data | 548 Financial crime cases opened (Apr 2020 – Mar 2021) 366 financial crime cases opened (April 2021- March 2022) | 613 financial crime cases opened (April 2022- March 2023) | 837 financial crime cases opened (April 2023 – March 2024) | 965 financial crime cases opened (April 2024 – March 2025) | Improved |
PFC4-M02 | Number of cases opened relating to fraud | FCA data | 1,271 fraud cases opened (2021) | 2,013 fraud cases opened (2022) | 1,039 fraud cases opened (2023) | 1,068 fraud cases opened (2024) | Declined |
What the latest metric values tell us
Over our 3-year strategy we set out to:
- Slow the growth in investment fraud victims and losses.
- Slow the growth in Authorised Push Payment (APP) fraud cases and losses.
- Reduce financial crime by lowering the incidence of money laundering through the firms we supervise directly and by improving the effectiveness of supervision by professional body supervisors.
Overall, we made good progress against the outcomes we set out to achieve, and we plan to build on our successes to date. This is why Fighting Financial Crime is a strategic priority in our new strategy.
We have seen the growth in investment fraud slow and start to reduce over the last 3 years. In 2021 reported victims increased by 28% from the previous year, however our latest figures show a 7% reduction in victims. The 5.1% growth in losses in 2024 is significantly lower when compared to our 2021 baseline value of 53% growth in losses. These data points indicate a positive trajectory to significantly slow the growth of investment fraud. However, other national data sets, such as the Crime Survey of England and Wales, suggest that certain fraud types are on the rise again.
We believe our work, set out in our Annual Report, such as our clampdown on illegal financial promotions, has made a significant contribution to reducing investment fraud. But we also recognise that other external factors have contributed to this slowdown. Cost of living pressures mean consumers have less money to invest and cash savings options have become more attractive due to higher interest rates.
Over our 3-year strategy, the growth in APP fraud has also slowed. The number of victims increased by 27% from 2020 to 2021 (our baseline), compared to an increase of 12% from 2022 to 2023. Over the same period losses went from a 39% increase from 2020 to 2021, to a 5% reduction from 2022 to 2023. In 2024, UK Finance data shows that APP losses fell by 2% to £450m, but the number of cases fell by 20% - the lowest figures for both cases and losses since 2021. While there has been a slowdown in growth, APP fraud cases are still rising, driven by a surge in romance scams and low value purchase scams where fraudsters look to exploit consumers looking for cheap deals on goods. APP fraud rates remain high and, with indications that they are set to increase, this is an area we will continue to focus on in our new strategy.
We have delivered many interventions designed to try to slow the growth of APP fraud, as set out in our Annual Report. For example, we supported the implementation of reimbursement requirements for APP fraud through the Faster Payments System and CHAPS in October 2024. In September 2023, we created an artificially generated set of data to support firms find new ways to detect fraud while keeping people's information private. Finally, we have set out our expectations of firms in 2 multi-firm reports focused on disrupting money mule activities, an integral part of moving and cashing out the proceeds of fraud.
PFC3-M01 shows the rate of Rejection, Withdrawal and Refusal (RWR) of Annex 1 and cryptoasset firms, applying to register under the Money Laundering Regulations (MLRs). The Annex 1 percentage of firms rejected, withdrawn or refused has reduced, compared to the 2023 figure. Additional guidance in the form of an Annex 1 Dear CEO letter[7] was published in March 2024. The reduction in the RWR is in line with our expectation as it shows that firms better understand our expectations and the quality of applications have improved. The rate of RWR of cryptoasset firms has fallen. This reflects an improvement in firms’ policies, controls and procedures in the fight against financial crime. In 2025 we have undertaken 19 pre-application meetings with firms, made significant updates to our cryptoasset webpages and carried out extensive engagement with industry. It is our expectation that the RWR rate reduces because of our work having wider impact.
For PFC3-M02, we have seen a significant increase in the number of sanction alerts when comparing to our baseline. The decline in the total number of sanctions matches in the subsequent year could be attributed to several factors, including a possible normalisation after an unusual spike in the previous year.
For PFC4-M01, we have seen an increase of 15% in the number of financial crime cases opened in FY 2024/25 compared to FY 2023/24 and doubled the volume of proactive work, compared to our baseline. We have carried out 3 multi-firm reviews and made better use of data to efficiently identify harm and prioritise cases. Our increased proactive work is prompting firms to adapt their operations to better prevent and reduce financial crime.
For PFC4-M02, our operational data shows the number of opened cases increased by 2.7% in 2024 compared to 2023. However, when comparing the 2024 data to our baseline, there has been a reduction in cases. Under our new strategy we will continue to focus on financial crime within authorised firms.