This streamlined approach aims to support economic growth by enabling new financial services firms to launch more efficiently. The FCA has also introduced significant reforms to listing rules, the biggest in over three decades, further facilitating firms’ access to capital.

In its commitment to protecting consumers, the FCA has doubled the cancellation of firm authorisations and increased interventions against problematic firms. It has also taken action to ensure fair complaint resolution and compensation, with nearly 100 lenders receiving intervention and an estimated £60 million in compensation expected for customers.

The FCA’s proactive approach has also led to a ten-year low in the Financial Services Compensation Scheme (FSCS) levy.

Since April 2023, the FCA has charged 21 people with financial crime offences which is the highest number of charges it has made in a single year. In 2023, it secured nine freezing orders, six more than in 2022, and restrained £21.1m in assets of individuals under investigation.

Regarding the crypto-sphere, the regulator has introduced new rules that require cryptoassets promotions to UK consumers to be clear, fair and not misleading. This helps consumers better understand what they are buying, and the risks involved.

Ashley Alder, chair of the FCA, said: “The report period saw the introduction of significant additions to our remit, an extension of our external accountability and an expansion of our statutory objectives.

“These changes, together with the introduction of the Consumer Duty, will help determine how the FCA is able to contribute to the health and success of the UK financial services sector for years to come.”

Nikhil Rathi, CEO of the FCA, said: “As we have shown this year, we are fully committed to both supporting and balancing the different needs of consumers, businesses, and the wider economy, enabling all to flourish.

“We recognise the importance of providing an effective and efficient authorisations service if we want the UK to be the best place in the world for financial services to thrive.

“We continue to play a leading role internationally by shaping the global standards on crypto, sustainability, and non-bank finance to name but a few.”