Regulators and fines
FCA enforcement outcomes
Short answer
- Enforcement outcomes, 2025/26
- 47 1
- Financial penalties, 2025/26
- 25, total £129,012,328 1
- Criminal convictions, 2025/26
- 17 1
- Final notices (enforcement), 2025/26
- 30 1
- Operations opened and closed, 2025/26
- 33 opened, 36 closed 1
- Open operations at 31 March 2026
- 127 1
Outcomes in 2025/26 and 2024/25
The FCA published its enforcement data for 2025/26 on 9 July 2026 1. Outcomes are counted at subject level, so one operation can produce several outcomes, such as final notices to each individual investigated 1.
| Measure | 2025/26 | 2024/25 |
|---|---|---|
| Enforcement outcomes 1 | 47 1 | 42 1 |
| Final notices, enforcement 1 | 30 1 | 37 1 |
| Final notices, Threshold Conditions Team 1 | 586 1 | 863 1 |
| Criminal convictions 1 | 17 1 | 5 1 |
| Financial penalties, number (firms and individuals) 1 | 25 (7 and 18) 1 | 29 (16 and 13) 1 |
| Financial penalties, value 1 | £129,012,328 1 | £186,412,508 1 |
| Prohibitions, including partial 1 | 21 1 | 30 1 |
| Public censures 1 | 3 1 | 3 1 |
| Criminal confiscation orders 1 | 6. Table 10 gives £0.77m, the text gives £7.7m 1 | 6, worth £6.88m 1 |
Fines by firm and individual
In 2025/26, penalties on firms totalled £121,997,100 and penalties on individuals £7,015,228 1. In 2024/25, penalties on firms totalled £179,096,835 and on individuals £7,315,673 1. The FCA reported £82.1m in redress and funds secured for consumers and investors in 2025/26 1.
The page gives two values for the 6 criminal confiscation orders in 2025/26. Its Table 10 shows £0.77m and its text shows £7.7m. The FCA does not explain the difference 1.
How operations end
An operation opens when the FCA appoints investigators, typically under Part XI of the Financial Services and Markets Act 2000 1. In 2025/26 the FCA closed 36 operations. Of these, 20 (56%) ended with enforcement action and 16 (44%) closed with no further action 1. In 2024/25 it closed 81, with 34 (42%) leading to action, 42 (52%) with no further action and 5 (6%) with other action 1.
How long operations take
Of the 36 operations closed in 2025/26, 7 took under 24 months, 10 took 24 to 48 months, 4 took 48 to 60 months and 15 took more than 60 months 1. Duration runs from the decision to open the operation to its closure 1.
At 31 March 2026, 68 operations were at investigation stage, 45 of them under 24 months old. A further 59 were at post-investigation stage, and 39 of these were more than 60 months old 1.
In June 2025 the FCA said its investigations averaged 42 months in 2023/24, and that five recent investigations had closed with a public outcome in less than 16 months 2.
Notices, settlement and publicity
- Warning notice: issued when the FCA proposes to take action. It is not the final decision, and the subject can make representations to the Regulatory Decisions Committee 3.
- Decision notice: issued and published when the FCA decides to take action 3.
- Final notice: issued when the FCA takes action 3.
- Settlement discount: outside focused resolution agreements, a penalty is reduced by 30% if agreement is reached during stage 1. Stage 1 runs from the start of the investigation until the FCA has communicated its assessment of the penalty and given a reasonable opportunity to agree 4.
- Publicity: the FCA keeps an exceptional circumstances test for announcing investigations into regulated and listed firms, with three added situations for investigations opened from 3 June 2025 2.
Common questions
How many fines did the FCA issue in 2025/26?
25 financial penalties, 7 on firms and 18 on individuals, totalling £129,012,328 1.
How often do FCA investigations end with no action?
Of 36 operations closed in 2025/26, 16 (44%) closed with no further action 1.
What is the FCA settlement discount?
The penalty is reduced by 30% if agreement is concluded during stage 1 4.
Rules and charges change. Check the official source linked on this page before you pay or travel. Spotted an error? Email hello@enforcementoutcomes.com.
Sources
Related
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An investigation is not a finding. How the SEC, the UK FCA and the European Commission open, run and close investigations, with official figures.
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How the UK FCA, the European Commission, the UK ICO and US federal courts set fines, from starting points to legal caps and settlement discounts.
- Settlements without admission explained
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- SEC enforcement outcomes
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- ASIC enforcement outcomes: what the Australian regulator's figures show
How ASIC investigations end in Australia: civil penalties, criminal convictions, bans and infringement notices, with official 2025-26 and 2024-25 figures.