Fighting financial crime

We set out our outcomes and metrics for this theme below.

What the latest metric values tell us

Overall progress against outcomes in year 1

The data shows the scale of the financial crime challenge. Investment fraud increased over the year and remains a key area of focus. Market integrity indicators show a mixed picture, with increases across all measures. We continue to prioritise prevention, disruption and enforcement activity. The impact of this work depends on a system‑wide approach.  

What’s changed and why this matters

Slowed growth in investment fraud

National Fraud Intelligence Bureau (NFIB) data shows reported investment fraud increased in 2025 compared to 2024. 

Internal analysis indicates reported losses increased from £552.6m in 2024 to £1.2bn in 2025 (up 121%), while the number of reports increased by 38%. This suggests a rise in higher‑value fraud. These figures relate to reported fraud and should be considered alongside known reporting limitations. They may differ from figures published by police.

Investment fraud can cause severe and often irreversible harm, including life‑changing financial losses. It also affects confidence in legitimate investment markets. Slowing this growth remains a priority.

Slowed growth in APP fraud

UK Finance data shows reported authorised push payment (APP) fraud increased in 2025 compared with 2024.

Reported losses rose from £484m in 2024 to £576.4m in 2025 (up 19%), whilst cases increased from 231,474 cases in 2024 to 248,070 cases in 2025 (up 7%).

Slowing the growth of APP fraud is important to protect consumers from significant financial and emotional harm, and to maintain confidence in safe, reliable payment systems. 

Protect market integrity

The market cleanliness (MC) statistic was 41.1% in 2025. The 5-year moving average was 33.74%. Methodology changes mean these figures are not comparable with those published under the previous approach and are systematically higher. 

The abnormal trading volume (ATV) measure rose to 8.1% in 2025. This was based on abnormal increases in trading volumes in 154 of 1,898 announcements. Trading volumes can change for many reasons. This does not mean that market abuse occurred before each of those announcements, but it may indicate a risk of market abuse. 

The potentially anomalous trading ratio (PATR) rose from 4.1% in 2024 to 5.5% in 2025. This should be considered in the context of the overall trading. Around 99.5% of trading did not take place during a sensitive period. Of the 0.5% that required a further review, 5.5% was considered potentially anomalous. This represents a very small percentage of overall UK trading.

The results suggest market integrity risks remain, particularly during periods of heightened volatility. We will continue to focus on detecting, deterring and disrupting financial crime to maintain confidence in UK markets.

Insights on factors influencing the data

Slowed growth in investment fraud

The increase is likely driven by several factors. Wider use of technologies, such as AI and cryptoassets, allow fraudsters to operate at greater scale and speed. Wider market conditions may also make some investment propositions appear more attractive to consumers, increasing vulnerability to fraud. 

We are adapting our approach to reflect the changing nature of investment fraud. We are focusing on preventing harm where possible, identifying risks earlier and disrupting fraudulent activity. Over time, this will strengthen system resilience.

We are strengthening the regulatory gateway to reduce the risk of fraud within the regulated perimeter. This includes greater scrutiny of higher-risk business models and actions to refuse, restrict or remove permissions where risks are identified. We continue to supervise firms operating in higher-risk investment markets. We test financial crime systems and controls and require firms to address any weaknesses.

To support earlier detection, we are investing in data-led and technology-enabled approaches to identify emerging investment fraud patterns. This includes monitoring unauthorised or misleading promotions and using intelligence and analytics to target supervisory and enforcement activity more effectively.

Where we identify harm, we act quickly to disrupt it. This includes issuing consumer warnings, intervening against unauthorised investment activity and working with online platforms and partners to remove illegal promotions. We have taken action against illegal finfluencers, resulting in arrests, criminal proceedings, formal warnings and large-scale content removal. The scale of online harm highlights the need for stronger controls at platform level.

We promote awareness through tools such as the Firm Checker. This helps consumers check whether a firm is authorised before investing.

Much of our work is preventative. There can be a lag before increased supervisory and enforcement activity is reflected in measurable outcomes.

Slow the growth in APP fraud

Similarly to investment fraud, a range of factors are likely to be influencing reported APP fraud. UK Finance data reported APP fraud cases increased by 7%, from 231,474 in 2024 to 248,070 in 2025, while reported losses increased by 19%, from £484m to £576.4m. This means average losses per reported case increased, from around £2,091 to around £2,324, indicating that the financial harm from successful scams has become more significant. 

Fraudsters continue to adapt, using sophisticated social engineering and new technologies to target victims at scale. UK Finance highlights that, in 2025, 66% of APP fraud originated online and a further 17% via telecoms, underlining the need for banks, technology firms, telecoms providers and social media platforms to play their part in preventing scams before they reach consumers.

We are responding through a wider programme of prevention, disruption and partnership work to slow the growth of APP fraud. Fighting financial crime is a central pillar of our strategy, and firms’ systems and controls need to keep pace with the increasing sophistication of criminal groups, including through advances in technology to help prevent financial crime.  

We continue to work with domestic and international partners, for example through better data sharing, to stay ahead of criminals. We are also supporting wider system-priority work with industry and partners, such as combatting money mules, while helping consumers avoid scams through warnings and the Firm Checker. These interventions aim to strengthen prevention and disruption across the system. 

Protect market integrity

Market integrity metrics are indicators of potential market abuse and have limitations as broad measures of market cleanliness. Several factors may explain the increases. We remained in a period of elevated market volatility, driven by global economic and geopolitical conditions. This is likely to have influenced price movements and trading volumes, increasing the number of signals detected. Price movements ahead of merger and acquisition announcements may also reflect financial analysts or the media correctly predicting potential deals. 

View all FCA outcomes and metrics 2025 to 2030[6]