Information on regulatory gateway for approval of financial promotions - September 2024

In relation to the new regulatory gateway for the approval of financial promotions by unauthorised firms that was open between 6 November 2023 and 6 February 2024 (“Regulatory Gateway”), please could you state:

(a) the number of firms that submitted a variation of permission application to obtain the “Approver Permission”.

(b) the number of firms who applied for but did not receive the “Approver Permission”; and

(c) the number of firms since 7 February 2024 who held the “Approver Permission” but have since had it cancelled.

1(a) 107 firms submitted an application during the gateway period, 1 firm has been approved to date.

1(b) 1 application was rejected, 21 firms withdrew their applications, and 84 applications are still in the assessment stage.

1(c) None. However, the withdrawn and refused applications received in the period you refer to have had the transitional requirement removed.

We have issued three section 166 reports by skilled persons relating to the principal firm oversight of appointed representatives. All were issued during the Financial Year 2023/24.

How many FCA enforcement investigations are currently open into firms [and individuals], broken down by:

(a) civil

(b) criminal

(c) dual track

(d) regulatory and

(e) total?

All data provided below are as of 31 July 2024.

How many FCA enforcement investigations into firms [and individuals] have been opened and closed in each year from 2022 to date?

In each year from 2022 to date, what have been the outcomes of closed investigations into firms [and individuals], broken down by:

(a) variation / cancellation / withdrawal of approval / permissions

(b) financial penalty

(c) public censure

(d) suspension / restriction

(e) criminal outcome

(f) civil outcome

(g) prohibition

(h) redress / restitution

(i) closed with no action taken

(j) other (please provide details)?

Note: Information is collated by primary outcome

Note 1: Variations, cancellations and early interventions are by default reported separately from our enforcement cases and are not included in this table. The two individual outcomes for 2023 included in the first row of the table relate to enforcement actions which resulted in the withdrawal of approvals held by the relevant individuals.

Note 2: We have interpreted “Other action” to mean those instances where we have concluded an enforcement investigation without taking enforcement action but have instead dealt with the matter using different tools. This may mean active engagement with the subjects by our supervisory teams, or the referral of matters to other agencies.