FCA closes 1,600 scam websites: what it means for you

The Financial Conduct Authority has taken decisive action against financial fraud. Using data and technology-driven enforcement, the regulator removed over 1,600 illegal or unauthorised websites in 2024 alone, as reported in its annual report (opens fca.org.uk in a new tab). These sites were promoting financial services without FCA permission, posing serious risks to consumers and to legitimate businesses.

Why this matters

Financial scams are becoming increasingly sophisticated, often presenting themselves as legitimate investment opportunities or financial services. Fraudulent websites can cause substantial losses and erode trust in the sector as a whole. The FCA’s proactive approach aims to dismantle these operations before further harm is done.

What the figures show

• Over 1,600 websites suspected of promoting financial services without permission were suspended, removed or blocked during 2024.
• Almost 20,000 non-compliant financial promotions were amended or withdrawn by authorised firms following FCA intervention - against under 600 in 2021.
• More than 50 apps were removed from Google Play and the App Store through collaboration with the platforms.
• The FCA interviewed 20 individuals under caution over illegal financial promotions and issued 38 alerts against finfluencer social media accounts.
• Authorisations were cancelled for over 1,500 firms - a 20% increase on 2023, and more than triple the 2021 figure.

Two things stand out for authorised firms. The first is scale: the jump from under 600 promotions withdrawn in 2021 to nearly 20,000 in 2024 is a change in the regulator’s capacity to find problems, not just its appetite. The second is that most of those promotions belonged to authorised firms, not to scammers.

What you can do

• Check the FCA Warning List regularly to identify unauthorised firms and individuals.
• Verify before you commit. Confirm any financial services provider is authorised using the FCA Register.
• Report suspicious activity. If a website or service appears fraudulent, report it to the FCA.

What this means for you

The FCA’s actions demonstrate a firm commitment to combating financial crime and protecting consumers. For firms operating legitimately, the enforcement figures are also a reminder that the same technology finding scam sites is finding non-compliant promotions on authorised firms’ own websites.