The Financial Conduct Authority has introduced a significant shift in how it enforces financial regulation, prioritizing fewer but higher-impact investigations while accelerating case resolution timelines.
The regulator has closed roughly 100 long-running legacy probes that failed to reach enforcement outcomes, marking a decisive move away from drawn-out exploratory investigations. Instead, the FCA is concentrating on cases that are easier to prove and more likely to deliver clear deterrence across financial markets.
Faster Investigations, Smaller Caseload
Under the revised approach, enforcement cases are now being resolved far more quickly. Recent investigations have concluded in under 16 months on average, a sharp improvement from the previous 42-month timeline that had drawn criticism from industry participants and lawmakers.
This strategic pivot has also led to a substantial reduction in the FCA’s active caseload. The number of open investigations has nearly halved, falling from more than 220 in early 2024 to around 124 by October 2025.
Clear Strategic Priorities
The enforcement reset aligns closely with the FCA’s broader regulatory objectives for 2025. Key focus areas include tackling financial crime, particularly anti-money laundering deficiencies, strengthening consumer protection through the embedding of the Consumer Duty framework, and preserving overall market integrity.
Despite handling fewer cases, the regulator has increased its enforcement output. Over the past two years, the FCA has issued more enforcement actions than its long-term average, while total fines climbed sharply in 2025. Alongside formal penalties, the authority is making greater use of early supervisory interventions to address misconduct before it escalates.
Leadership Driving the Change
The shift has been led by joint enforcement heads Therese Chambers and Steve Smart, who have overseen enforcement strategy since 2023. Their approach aims to clear historical backlogs and reallocate resources toward cases with the greatest regulatory and market impact.
By narrowing its focus and accelerating outcomes, the FCA is positioning enforcement as a sharper, more credible deterrent, signaling that while fewer investigations may be launched, those pursued are more likely to end with decisive action.
