Enforcement Actions
Over 50% of FCA investigations are public
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June 11, 2025
More than half of UK Financial Conduct Authority (FCA) investigations into regulated listed firms or publicly traded firms are in the public domain, the regulator said last week.
As of June 1, there were 40 open investigations into regulated, listed or publicly traded firms, 22 of which have been announced in the public domain.
Of the latter, some 14 were made public by the firm concerned — for example, in an annual report, regulatory filing or trading update. The FCA made six public during the investigation stage, and another two through its statutory processes.
The FCA has tweaked its policy about announcing or confirming enforcement investigations, which it set out in a policy statement (PS25/5) last week. It will now announce and name the subjects of its investigations into suspected unauthorised activity or criminal offences relating to unregulated activity.
The FCA will share information on an anonymised basis. Its press office may confirm investigations in limited circumstances — for example, if an investigation is made public in a regulatory filing, annual report or trading update.
The press office declined to detail the 14 enforcement investigations already made public by firms, but gave Compliance Corylated a list of investigations it has announced.
Investigations publicised by the FCA
Dial-a-Cab Credit Union, during investigation (2018)
Lendy Limited, during investigation (2019)
Dolfin Financial UK, during investigation (2021)
Wellesley & Co, during investigation (2020)
Hartley Pensions, during investigation (2022)
WealthTek, during investigation (2023)
Woodford Investment Management, statutory process (2024)
BlueCrest Capital Management, statutory process (2021)
Source: UK Financial Conduct Authority
Compliance Corylated also found the following firms mentioned in the FCA’s April 2024 letter to the House of Lords’ Financial Services Regulation committee as examples of investigations firms had announced themselves.
| Name | Reason | Source |
| Vanquis Banking Group* | Conduct Issues | FCA |
| Barclays UK | Financial Crime | Barclays |
| Alti Global | The management of Home REIT and HLIF | FCA/Alti Global 10-K |
| Lloyds Banking Group | Financial Crime | FCA |
| Nationwide | Financial Crime | FCA |
| Revolution Beauty group PLC | Governance | FCA |
*The FCA closed its investigation into Vanquis Banking Group’s Provident Financial business in July 2022 without further action, according to a Vanquis trading update.
The FCA generally updates its enforcement statistics around the time it publishes its annual report, the timing of which varies. In PS25/5, it reported that 65% of enforcement investigations in general are closed with no action taken.
More than 60% of FCA investigations are into unregulated firms. Of these, there were 591 open enforcement cases relating to 224 investigations as at April 1, 2023. That 2023 total has since fallen by over 35%, however, leaving roughly 380 open operations currently.
Update: This article was amended at 12:43pm on June 12, 2025 to reflect that the FCA closed its investigation into Vanquis Banking Group’s Provident Financial business in July 2022. That fact was not included in the April 2024 FCA letter to the House of Lords’ Financial Services Regulation committee.