As part of the Annual Report for the 2023/24 year, the FCA has published data on how it has used its enforcement powers during the year.
Key data includes:
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98% of cases were opened against firms, as opposed to individuals, and related to around 2,600 firms;
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the highest number of cases were “use it or lose it” entries, followed by actions relating to returns or firm details attestations;
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851 authorisations were cancelled, or which 668 resulted from “use it or lose it” action;
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6 individual prohibitions;
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102 voluntary actions (100 requirements/undertakings, 1 VVOP and 1 direction under the MLRs); and
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25 own initiative outcomes