Around 600,000 people are now paying less in interest and charges on their credit card debt due to changes made by the FCA.

In the regulator’s latest Annual Report, published today, the FCA has outlined its work from the past year to meet its objectives of protecting consumers, enhancing market integrity and promoting competition.

Over this period, the FCA carried out its first ever criminal prosecution under anti-money laundering legislation and worked on an updated listing regime to ensure that the UK remains a trusted place to list companies.

The FCA’s report also revealed that 80% of crypto firms applying to be registered by the regulator for anti-money laundering purposes either dropped their application or were declined, after the FCA had reviewed their anti-financial crime systems and controls and found them wanting.

Interim chair of the FCA, Richard Lloyd, said:  “I am proud of the way that the FCA ensured that financial services could provide strong support for people affected by the COVID-19 pandemic and maintained well-functioning markets following Russia’s invasion of Ukraine.

“The next year will see major changes like the new Consumer Duty and regulation of funeral plan providers. I am confident that the FCA will continue to deliver for the consumers and markets that we represent.”

Furthermore, the FCA has highlighted areas which fall outside the scope of its regulation but may present risks to consumers.

These include exclusions in the financial promotions’ regime, general insurance products and third-party firms who provide services like IT to regulated firms. The FCA’s remit is set by Parliament and the Perimeter Report supports regular dialogue with the government on the FCA’s regime.

“We continue to transform as an organisation, ensuring that our colleagues have the information they need and are empowered to take the tough decisions on which effective regulation relies,’ added chief executive of the FCA, Nikhil Rathi. “We are learning the lessons from the past to ensure that we can deliver regulation fit for the world in which we operate.”

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