{"id":862640,"date":"2025-07-15T07:12:23","date_gmt":"2025-07-15T12:12:23","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/07\/15\/technology-fuels-successful-fca-fight-against-unauthorised-financial-services\/"},"modified":"2025-07-15T07:12:23","modified_gmt":"2025-07-15T12:12:23","slug":"technology-fuels-successful-fca-fight-against-unauthorised-financial-services","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/07\/15\/technology-fuels-successful-fca-fight-against-unauthorised-financial-services\/","title":{"rendered":"Technology fuels successful FCA fight against unauthorised financial services"},"content":{"rendered":"<div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/disinformation-fake-news-adobe_searchsitetablet_520X173.jpg\" data-credit=\"Feng Yu - stock.adobe.com\"  width=\"520\" height=\"173\" alt><\/p>\n<p>Feng Yu &#8211; stock.adobe.com<\/p>\n<\/p><\/div>\n<div id=\"content-header\">\n<h2>The UK finance regulator is using data and technology to identify websites and apps that could cause financial harm<\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"Karl Flinders\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Karl-Flinders\">Karl Flinders,<\/a><br \/>\n\t\t\t\t\t\t<span>Chief reporter and senior editor EMEA<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>14 Jul 2025 14:45<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>The <a href=\"https:\/\/www.computerweekly.com\/news\/366620697\/Government-announces-inevitable-end-to-Payments-Services-Regulator\">Financial Conduct Authority<\/a> (FCA) has shut down 1,600 websites and 50 finance apps through the use of data and technology, as well as collaboration with big tech firms.<\/p>\n<p>With fintech increasing the availability of financial products and unauthorised financial social media-based advisors increasing in number, in 2022, the FCA <a href=\"https:\/\/www.computerweekly.com\/news\/365530224\/Finance-regulator-finding-more-misleading-promotions-quicker-through-improved-digital-tools\">turned to technology to help it protect consumers<\/a>, and it\u2019s now reaping positive results.<\/p>\n<p>In its annual report, the FCA said the websites and apps on Apple Store and Google Pay were identified and shut down during 2024, as part of its tech-led strategy to \u201cblock fraud at source\u201d.<\/p>\n<p>The regulator scans hundreds of thousands of websites everyday, using the latest technology to identify those that could cause consumers financial harm.<\/p>\n<p>Nikhil Rathi, CEO of the FCA, said the regulator has \u201cembraced data and technology to crack down on harm and ensure high standards.\u201d<\/p>\n<p>It was in July 2022 when the FCA announced that rather than react to problems after consumers have been affected, technology was improving the regulator\u2019s use of analytics to gain insights and prevent future problems. The websites blocked were suspected of promoting financial services without permission, while the FCA worked with tech giants to identify apps offering unauthorised services.<\/p>\n<p>During 2024, the FCA also discovered 20,000 non-compliant financial products offered by authorised firms, which led to them being amended or withdrawn. It also targeted illegal financial promotions by <a href=\"https:\/\/www.computerweekly.com\/news\/365530160\/FCA-cracks-down-on-misleading-promos-by-social-media-influencers\">unauthorised \u2018finfluencers\u2019<\/a>, cancelling the authorisations of over 1,500 firms last year, which was 20% more than in 2023.<\/p>\n<p>Technology is at the core of the FCA\u2019s fight against unauthorised online and app-based financial advice. In a speech at the Peterson Institute of International Economics three years ago, the FCA chief executive said technology was helping the regulator take a more proactive stance, and \u201cspot harm and intervene more quickly and more broadly\u201d.<\/p>\n<p>For example, the FCA moved systems to the cloud as part of a project to put 50,000 finance firms and thousands of users onto a new regulatory data platform.<\/p>\n<p>Rathi said at the time: \u201cUsing our data lake, we aim to more swiftly identify, connect and react to firm and market issues,\u201d said Rath. \u201cOur analytics tools are speeding up case management and providing improved visibility of risk in each firm.\u201d<\/p>\n<p>Following the publication of the latest annual report, Rathi said: \u201cWe\u2019ve embraced data and technology to crack down on harm and ensure high standards. We\u2019re ambitious for the future, and committed to enabling a fair and thriving financial services market for the good of consumers and the economy.\u201d<\/p>\n<p>FCA chair Ashley Alder added: \u201cOur annual report shows how we\u2019ve laid the strongest possible foundation from which to implement our new strategy. We\u2019ll build on this over the next five years to deepen trust and rebalance risk so we can support growth and improve lives.\u201d<\/p>\n<p>During the past year, the FCA said it has fined two banks over \u00a345m for financial crime failures on sanction controls and screening, and monitoring of money laundering risks.<\/p>\n<p>It said it has issued 2,240 alerts about unauthorised firms and individuals, interviewed 20 unauthorised influencers under caution for illegally promoting financial products and issued 38 alerts against finfluencer social media accounts.<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on IT for financial services<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.computerweekly.com\/news\/366623337\/FCA-wants-safe-place-for-finance-firms-to-test-artificial-intelligence\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/HeroImages\/City-of-London-peresanz-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/HeroImages\/City-of-London-peresanz-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/HeroImages\/City-of-London-peresanz-adobe.jpg 1280w\" alt ><\/p>\n<h5>FCA wants \u2018safe place\u2019 for finance firms to test artificial intelligence<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/news\/366620697\/Government-announces-inevitable-end-to-Payments-Services-Regulator\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/contactless-payment-shopping-smartphone-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/contactless-payment-shopping-smartphone-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/contactless-payment-shopping-smartphone-adobe.jpg 1280w\" alt ><\/p>\n<h5>Government announces inevitable end to Payments Services Regulator<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/366539539\/UK-gets-new-rules-to-regulate-crypto-sector\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/blockchain-currency-finance-fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/blockchain-currency-finance-fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/blockchain-currency-finance-fotolia.jpg 1280w\" alt ><\/p>\n<h5>UK gets new rules to regulate crypto sector<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Alex-Scroxton-CW-Contributor-2022.jpg\" alt=\"AlexScroxton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Alex\u00a0Scroxton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/365530224\/Finance-regulator-finding-more-misleading-promotions-quicker-through-improved-digital-tools\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/surveillance-1-fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/surveillance-1-fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero%20Images\/surveillance-1-fotolia.jpg 1280w\" alt ><\/p>\n<h5>Finance regulator finding more misleading promotions quicker through improved digital tools<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/366627601\/Technology-fuels-successful-FCA-fight-against-unauthorised-financial-services\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Arden Pepper<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Feng Yu &#8211; stock.adobe.com The UK finance regulator is using data and technology to identify websites and apps that could cause financial harm By Karl Flinders, Chief reporter and senior editor EMEA Published: 14 Jul 2025 14:45 The Financial Conduct Authority (FCA) has shut down 1,600 websites and 50 finance apps through the use of<\/p>\n","protected":false},"author":1,"featured_media":862641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32538,46],"tags":[],"class_list":{"0":"post-862640","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fuels","8":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/862640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=862640"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/862640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/862641"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=862640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=862640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=862640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}