The Financial Conduct Authority (FCA) has issued a stern warning to firms, signalling its intent to become more assertive against those failing to meet financial crime standards.
In a recent speech delivered by Therese Chambers, Joint Executive Director of Enforcement and Market Oversight, at AFME’s European Compliance and Legal Conference 2025, the regulator underscored that financial crime controls should not be viewed merely as an expenditure, but as a crucial business investment.
“Financial crime controls may look like compliance costs on a spreadsheet,” Chambers noted, “But they are the ultimate investment – saving firms money and paying dividends in the one commodity our markets can’t function without: confidence.” She reinforced the importance of sustained cultural improvement in achieving enduring consumer trust.
The FCA also addressed past criticism regarding the pace of its investigations, highlighting a significant and recent acceleration in its enforcement action. Chambers pointed to a focused effort that has seen seven recent cases reach a public outcome within 16 months or less. This marks a sharp contrast to the average of 42 months it previously took to close cases in the 2023/24 period.
The regulator affirmed that its enforcement work – including “the prison sentences, the fines, the CEOs banned from industry” – is essential in demonstrating that the regulatory system “has teeth” and will be used more quickly and effectively against firms who fall short of required standards.
