In an end of year message, Mr Rathi said that the FCA would be “unwavering” in its implementation of the Consumer Duty.

He cited key regulatory actions this year as including:

• The FCA has removing over 10,000 potentially misleading adverts and sending out 2,243 warnings about unauthorised firms and individuals

• Between January and October, the FCA cancelling 1,266 firms that failed to meet its minimum standards for authorisation - double the number cancelled in the previous year 

• Following enforcement investigations, the regulator imposed fines totalling £52.8m this year  

Mr Rathi said the regulator had also stepped up enforcement action in 2023.

For example, this year it has taken enforcement action against 14 firms and individuals over the British Steel Pension Scheme pension transfer scandal, with sanctions totalling £5.4m, consisting of financial penalties of £3.9m and payments to the Financial Services Compensation Scheme totalling £1.5m. 

He added that following FCA prosecutions, seven people have been convicted in the courts for fraud or related offences, and six received prison sentences ranging from 2.5 to 9.5 years.  

The FCA used its powers under the Anti-Money Laundering Regulations to disrupt 26 ATM machines across 34 locations suspected of operating as unlawful crypto ATMs.

The FCA had also stepped in over so-called ‘finfluencers’ promoting financial products to consumers on social media. In September the FCA launched a consultation on new guidance for firms to ensure that financial promotions made online were fair, clear and not misleading.  

Mr Rathi said: “The financial services sector is vital to the UK economy, and we are committed to supporting its role in long-term economic growth. At the same time, our commitment to reducing and preventing harm remains unwavering, and the introduction of the Consumer Duty reaffirms this.

“From the digital frontiers where new opportunities and risks are fast emerging, to the competitiveness of UK markets, we are focused on staying ahead and have laid out proposals for far-reaching reforms across our remit. 

“We know at the FCA our role is not just about regulating financial services, it's about safeguarding futures, supporting innovation and informed risk-taking and maintaining a resilient financial ecosystem.”