Enforcement data published on 9 July by the FCA reveals a regulator whose enforcement function is becoming increasingly defined by one priority: financial crime.
The headline statistic is striking. More than 75% of the FCA’s enforcement work now focuses on fighting financial crime. Beyond that headline figure, firms can draw valuable lessons from the types of financial crime enforcement cases the FCA is opening; increases in and use of whistleblowing; and the changing balance of enforcement against firms and individuals.
Enforcement operations – overall view
As at 31 March 2026, the FCA had 127 open enforcement operations involving 218 individuals and 108 firms, down slightly from 130 operations the previous year.
The FCA delivered 47 enforcement outcomes in 2025/26, up from 42 in 2024/25.
The data indicates that most new investigations continue to focus on firms rather than senior individuals. New cases opened solely against individuals remain rare, accounting for fewer than 1% of new matters. More than a decade after the introduction of the Senior Managers and Certification Regime (“SMCR”), the FCA continues to reserve individual accountability investigations for a relatively small number of cases, while concentrating resources on firm-wide issues and financial crime concerns.
The investigation duration data also presents a mixed picture. The FCA highlights faster outcomes in several recent investigations. While newer cases appear to be moving more quickly through the system, complex investigations continue to take several years to conclude.
Financial crime – what aspects are in focus?
The headline statistic – more than 75% of all enforcement work focusing on financial crime – is broken down as follows:
97 out of 127 current enforcement operations are focused on “fighting financial crime” (76%).
Of those 97 operations:
56 concern fraud;
18 concern financial crime systems and controls; and
22 concern financial crime in markets.
Particularly noteworthy is that the FCA opened more financial crime in markets cases than financial crime systems and controls cases. Whilst a single year of data should be treated cautiously, this may indicate an increasing focus on misconduct occurring within markets themselves, rather than solely on the adequacy of firms' control frameworks.
One note of caution is required. The FCA states that matters previously categorised under "reducing and preventing financial crime" and "strengthening wholesale markets" are now reported under "fighting financial crime". Some of the increase may therefore reflect changes in reporting methodology rather than enforcement strategy alone.
Whistleblowing is becoming increasingly influential
The FCA reports a 20% increase in whistleblowing disclosures. More notably, over 40% of disclosures resulted in “direct action”, while a further 53% informed broader supervisory or harm-prevention work.
That is a reminder that whistleblowing is increasingly functioning as an intelligence-gathering mechanism rather than simply a source of enforcement referrals. Firms should assume that concerns raised internally, or reported directly to the regulator, may influence supervisory engagement even where no formal investigation follows.
You can find out commentary on the FCA’s Q1 2026 whistleblowing data here.
Criminal convictions increase markedly
The FCA secured 17 criminal convictions during 2025/26, compared with just five the previous year. It also brought criminal charges against 10 individuals.
It has been suggested that delays in the criminal courts system might prompt agencies that can look to alternative tools, such as civil enforcement, to move away from pursuing criminal charges.
The latest figures suggest the opposite. Criminal investigations remain resource-intensive, but the regulator appears increasingly willing to open and prosecute them where they support its broader deterrence objectives.
Analysis and Comment
The headline message on financial crime is striking. But the more important lesson may be that the FCA is increasingly deploying multiple regulatory tools in pursuit of the same objective. Whistleblowing intelligence, supervisory interventions, skilled person reviews, criminal prosecutions and enforcement investigations all now appear closely aligned around the financial crime agenda.
For firms, the practical question is no longer whether financial crime is an enforcement priority. The question is whether governance, controls and escalation processes are keeping pace with the regulator's increasingly concentrated focus.
