FCA fines increase 230% in 2024 amid heightened crackdown on financial misconduct

27 enforcement actions taken

The total value of the fines imposed by the Financial Conduct Authority in 2024 skyrocketed compared to a year prior, according to data from SteelEye.

Last year, the regulator took out 27 enforcement actions, which resulted in £176m worth of fines, in its push to crackdown on financial misconduct. By comparison, fines in 2023 totalled £53.4m, SteelEye found, the first time in seven years the FCA issued fewer fines, which contributed to such a major year-on-year increase in 2024. WealthTek boss John Dance charged with £64m fraud and money laundering The lion's share of penalties was in relation to breaches of the watchdog's Principles of Business, more specifically PRIN 3, which relates to management and control, including risk ma...