FCA Emphasises Proactive Market Oversight and Early Intervention in Fight Against Financial Crime

The UK Financial Conduct Authority (FCA) is placing greater emphasis on early intervention and proactive supervision to tackle fast-moving financial crime before it causes widespread consumer harm. Speaking at the 22nd Annual International Bar Association (IBA) Anti-Corruption Conference, Therese Chambers, Joint Executive Director of Enforcement and Market Oversight at the FCA, outlined how the regulator is deploying early intervention tools alongside formal enforcement proceedings. Chambers explained that while high-profile enforcement cases and penalties remain vital, the speed and technological complexity of modern financial crime require regulators to cut off harm at the root. The FCA is increasingly utilising supervisory mechanisms—such as pausing prospectus approvals and imposing formal restrictions—to halt suspicious activity before market integrity is compromised. For instance, the regulator recently stopped a potential pump-and-dump scheme by pausing approval for a life sciences company's fundraising prospectus, prompting the firm to terminate the offering within two weeks. In addition to market oversight, the FCA is leveraging Own Initiative Requirements (OIREQs) and voluntary outcomes to address regulatory failures quickly without drawn-out tribunal battles. Chambers cited an intervention against an authorised electronic money services firm exhibiting inadequate client due diligence and inappropriate customer risk downgrades. An immediate OIREQ prohibited the firm from accepting new customers or funds and mandated the return of held assets. Over the last financial year, the FCA secured 369 voluntary outcomes, with 124 complex cases managed by its Interventions Team, alongside 13 instances where formal powers were applied. The regulator has also accelerated its enforcement timelines, noting that 10 investigations have reached public outcomes within 16 months or less since July 2024. Whistleblowing disclosures to the FCA have risen by 20% over the past year. In terms of formal penalties and criminal outcomes, the FCA secured 7 criminal convictions in 2024, 12 in 2025, and 6 convictions as of June 1 of the current year, alongside nearly £17 million in levied fines. Cross-border collaboration remains central to combating international schemes. The FCA processed 341 incoming and 138 outgoing information requests under the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding in the last financial year. The authority continues to work with international counterparts—including the US Securities and Exchange Commission, the US Department of Justice, Germany's BaFin, and the Monetary Authority of Singapore—on joint operations, including recent global crackdowns on unauthorized online financial influencers ('finfluencers') and cross-border fund tracing. Domestically, the regulator is deepening cooperation with the National Crime Agency and the Bank of England to monitor emerging systemic risks.