UK’s FCA Closes 100 Investigations To Focus On Higher-Impact Cases

The UK’s Financial Conduct Authority (FCA) has closed 100 investigations without taking enforcement action since April 2023, reducing its active cases to the lowest level in almost a decade.

The move follows a strategic shift under co-heads Therese Chambers and Steve Smart to focus on fewer but higher-impact probes. Between April and November 2025, the FCA completed 24 investigations, taking action in 15 and closing nine without enforcement. Over the previous two years, 91 investigations were dropped without action. City of London lawyers said the FCA has become more selective, opening cases with clear enforcement outcomes. Despite closing legacy cases, the watchdog’s enforcement output remains above historical levels, including fines of 44 million pounds for Nationwide and 39 million pounds for Barclays.

The FCA has also accelerated investigations, issuing results in seven cases within 16 months compared with a previous average of 42 months. New rules for cryptoasset providers and non-financial misconduct will come into force in 2026-2027.