Report a firm to the FMC
File a confidential complaint in three guided steps and upload your supporting evidence.
Recent Enforcement Actions
When firms or individuals break the rules, the Commission investigates and acts — to stop the harm, to return money to investors where it can, and to deter others.
Concluded actions are published as final notices. The summaries below are illustrative of the conduct the Commission pursues:
| Matter | Conduct | Outcome |
|---|---|---|
| In re: Withdrawal freeze | Suspended client withdrawals without disclosure | £4.2m restitution ordered |
| In re: Misleading marketing | Advertised \ | Licence suspended & £2.5m fine |
| In re: Commingled funds | Client money not segregated as required | £1.8m penalty & remediation |
| In re: Unauthorised solicitation | Operated without an FMC licence | Cease-and-desist & asset freeze |
| In re: Unsuitable advice | Recommended high-risk products to cautious investors | Two advisers prohibited & £1.1m fine |
| In re: Market manipulation | Layering and spoofing on a regulated venue | £3.4m penalty & referral |
Powers & sanctions
The Commission has a graduated set of tools, applied in proportion to the seriousness of the breach and the harm caused:
| Sanction | When it is used |
|---|---|
| Private warning | Minor, isolated breaches with no consumer harm |
| Public censure | Serious breaches where a fine is not warranted |
| Financial penalty | Deliberate, reckless, or repeated misconduct |
| Restitution / redress order | To return money or compensate affected investors |
| Requirement or restriction | To limit, condition, or freeze a firm's activities |
| Suspension or cancellation | To remove a firm's permission to operate |
| Prohibition order | To ban an individual from the industry |
| Court action | Injunctions, asset freezes, and recovery through the courts |
How penalties are set
Financial penalties follow a transparent, five-step framework so that outcomes are consistent and proportionate:
Disgorgement
Any profit the firm made from the breach is removed first.
Seriousness
A figure is set by reference to revenue and the gravity of the misconduct.
Aggravating & mitigating factors
The figure is adjusted for cooperation, prior record, and consumer harm.
Deterrence
The penalty may be increased to ensure it is not treated as a cost of doing business.
Settlement discount
Firms that settle early may receive a reduction of up to 30%.
Whistleblower
Who can report
Current and former employees, contractors, customers, competitors, and members of the public can all report concerns. You do not need proof — a genuine, reasonable suspicion is enough to come forward.
How your report is protected
- You can report anonymously, or ask us to keep your identity confidential.
- It is unlawful for a firm to victimise or dismiss a worker for blowing the whistle in good faith.
- Reports are handled by a dedicated, ring-fenced team separate from day-to-day supervision.
- Eligible whistleblowers whose information leads to sanctions may receive a financial award.
What makes a useful report
The most actionable reports name the firm, describe the specific conduct, give dates and amounts, and attach any documents or screenshots you hold. The more concrete the detail, the faster we can assess it.
The Enforcement Process
Every case follows a structured, fair process. Investigation and judgment are kept separate, and those facing action always have the right to make representations before a decision is taken.
Intake & triage
Complaints, tips, surveillance alerts, and firm notifications are received and prioritised by risk.
Preliminary review
Analysts assess whether there is a case to answer and whether the matter falls within the FMC's remit.
Formal investigation
The Division of Enforcement gathers evidence, compels documents, and interviews witnesses and subjects.
Warning notice
If action is proposed, the subject receives a warning notice and the right to make written and oral representations.
Independent decision
The Regulatory Decisions Committee — separate from the case team — decides whether and how to act.
Sanction & publication
A decision notice and, once effective, a final notice are issued; outcomes are normally published.
Appeal
The subject may refer the decision to the independent Financial Markets Tribunal, with an onward route to the courts.
Frequently asked questions
Will the FMC recover the money I lost?
We pursue restitution and asset recovery wherever possible and can order firms to compensate investors, but recovery is never guaranteed — especially against fraudsters who have moved money offshore. Eligible consumers of failed authorised firms may also claim from the compensation scheme.
Will I be told what happens to my complaint?
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How long does an investigation take?
It varies widely with complexity — from a few months to over a year for serious, cross-border cases. We prioritise matters that pose the greatest ongoing risk to investors.
Can I report a firm anonymously?
Yes. You may report anonymously, although giving us a way to contact you helps us ask follow-up questions and act more quickly.