Enforcement statistics

  • Last revised:15 April 2024

Regulatory sanctions imposed

Notes: 

  1. ‘Non-public sanctions’ include private reprimands and formal written advice given to a person about their conduct. 
  2. When reviewing the statistics below, it should be borne in mind that an Enforcement case can result in more than one outcome. For example, the imposition of a civil financial penalty and the issuance of a public statement. 
  3. The statistics below do not include public statements issued by the JFSC to warn consumers of a suspected scam. 

2023

 

Non-public sanction 

Public statement 

Banning direction 

Civil financial penalty  
(number and aggregate amount) 

Licence revocation 

Accountants 

1 

 

 

 

 

 

Banks 

 

 

 

 

 

 

Crypto 

 

 

 

 

 

 

Estate agents 

 

 

 

 

 

 

Fund services business 

 

 

 

 

 

 

Investment business 

 

 

 

 

 

 

Insurance 

 

 

 

 

 

 

Lawyers 

 

1 

1 

 

 

 

Lenders 

 

 

 

 

 

 

Money service business 

1 

 

 

 

 

 

Trust company business 

1 

2 

2 

 

 

 

Other 

1 

 

 

 

 

 

2022

 

Non-public sanction 

Public statement 

Banning direction 

Civil financial penalty  
(number and aggregate amount) 

Licence revocation 

Accountants 

 

 

 

 

 

 

Banks 

 

1 

 

1 

£498,000 

 

Crypto 

 

 

 

 

 

 

Estate agents 

 

 

 

 

 

 

Fund services business 

 

 

 

 

 

 

Investment business 

 

1 

1 

 

 

 

Insurance 

 

 

 

 

 

 

Lawyers 

 

 

 

 

 

 

Lenders 

 

 

 

 

 

 

Money service business 

 

 

 

 

 

 

Trust company business 

1 

3 

 

1 

£803,661.17 

 

Other 

 

 

 

 

 

 

2021

 

Non-public sanction 

Public statement 

Banning direction 

Civil financial penalty  
(number and aggregate amount) 

Licence revocation 

Accountants 

 

 

 

 

 

 

Banks 

5 

1 

 

1 

£510,599.67 

 

Crypto 

 

 

 

 

 

 

Estate agents 

 

 

 

 

 

 

Fund services business 

 

1 

 

1 

£53,375.00 

 

Investment business 

 

2 

2 

 

 

 

Insurance 

 

 

 

 

 

 

Lawyers 

 

 

 

 

 

 

Lenders 

 

 

 

 

 

 

Money service business 

3 

 

 

 

 

 

Trust company business 

7 

2 

1 

1 

£155,476.54 

 

Other 

 

 

 

 

 

 

2020

 

Non-public sanction 

Public statement 

Banning direction 

Civil financial penalty  
(number and aggregate amount) 

Licence revocation 

Accountants 

 

 

 

 

 

 

Banks 

 

 

 

 

 

 

Crypto 

 

 

 

 

 

 

Estate agents 

 

 

 

 

 

 

Fund services business 

1 

 

 

 

 

 

Investment business 

1 

2 

 

 

 

 

Insurance 

1 

 

 

 

 

 

Lawyers 

 

 

 

 

 

 

Lenders 

1 

 

 

 

 

 

Money service business 

1 

 

 

 

 

 

Trust company business 

2 

1 

 

1 

£115,575 

 

Other 

 

 

 

 

 

 

2019

 

Non-public sanction 

Public statement 

Banning direction 

Civil financial penalty  
(number and aggregate amount) 

Licence revocation 

Accountants 

 

 

 

 

 

 

Banks 

1 

 

 

 

 

 

Crypto 

 

 

 

 

 

 

Estate agents 

 

 

 

 

 

 

Fund services business 

 

1 

 

1 

£381,010 

 

Investment business 

3 

 

3 

 

 

 

Insurance 

 

 

 

 

 

 

Lawyers 

 

1 

1 

 

 

 

Lenders 

 

 

 

 

 

 

Money service business 

 

 

 

 

 

 

Trust company business 

1 

 

 

 

 

 

Other 

 

 

 

 

 

 

2018

 

Non-public sanction 

Public statement 

Banning direction 

Civil financial penalty  
(number and aggregate amount) 

Licence revocation 

Accountants 

 

 

 

 

 

 

Banks 

 

1 

1 

 

 

 

Crypto 

 

 

 

 

 

 

Estate agents 

 

 

 

 

 

 

Fund services business 

 

 

 

 

 

 

Investment business 

2 

 

 

 

 

 

Insurance 

 

1 

1 

 

 

 

Lawyers 

 

 

 

 

 

 

Lenders 

 

 

 

 

 

 

Money service business 

 

 

 

 

 

 

Trust company business 

2 

1 

1 

 

 

 

Other 

 

 

 

 

 

 

Regulatory issues present

The table below sets out the main regulatory issues that were present in those Enforcement cases that concluded with a regulatory sanction being imposed.  

Note that in many Enforcement cases more than one issue was present. 

 

Number of cases in which the regulatory issue was present 

 

2018 

2019 

2020 

2021 

2022 

2023 

AML/CFT/CFP 
(see Table 3 for more detail) 

1 

2 

3 

11 

3 

4 

Failing to conduct business with integrity 

 

 

1 

1 

 

 

Failing to have proper regard for the interests of customers 

 

 

2 

2 

2 

 

Failing to organise and control business affairs effectively 

1 

2 

3 

8 

3 

1 

Failing to have transparent business arrangements 

 

 

3 

 

2 

 

Inadequate financial resources/insurance 

 

 

1 

1 

 

 

Failing to be open and co-operative with the JFSC 

 

1 

1 

5 

1 

 

Misleading, false or deceptive statements 

 

 

 

1 

1 

 

Fitness and propriety of individuals  

2 

7 

5 

10 

1 

4 

Unauthorised business 

3 

1 

2 

5 

2 

2 

AML/CFT/CFP issues

Where AML/CFT/CFP issues were present in Enforcement cases that concluded with a regulatory sanction being imposed, they mainly fell into the categories set out in the table below. 

Note that in many Enforcement cases more than one issue was present. 

In the table, ‘internal controls’ includes issues such as corporate governance, policies and procedures, and compliance monitoring. 

 

Number of cases in which the regulatory issue was present 

 

2018 

2019 

2020 

2021 

2022 

2023 

Business/customer risk assessment 

 

1 

1 

4 

3 

1 

Customer due diligence 

1 

1 

1 

2 

3 

1 

Ongoing monitoring 

1 

1 

1 

1 

3 

1 

Record-keeping 

 

 

1 

3 

1 

 

Suspicious activity reporting 

1 

 

1 

4 

 

2 

Internal controls 

1 

2 

2 

9 

3 

4 

Staff training/awareness 

 

1 

 

1 

1 

1