FCA cracks down on problem firms

In a press release issued by the FCA last week, the regulator has provided an update on their enforcement action over the past year. The FCA states that they have stopped 627 firms from operating due to failures to meet minimum standards and requirements. This is a 30% increase from the year before. They also point to their work in setting and testing higher standards and reducing and preventing harm, which has led to over £215million in fines and £47million in consumer redress.

Source: FCA