Hackford has reported that fines issued by the Financial Conduct Authority (FCA) are on track to reach their lowest annual total since the regulator started.
As of 30th June, only £12.3m in fines have been handed out in 2025, with the year expected to end at around £25m.
The previous lowest total was £35.3m in 2016.
In comparison, fines reached £176m in 2024, much of this from penalties against major banks.
Hackford’s data covers FCA fines from 2013 to the first half of 2025, totalling £4.79bn across 292 enforcement actions.
The median fine was £5.62m for firms and £100,000 for individuals.
Dan Robinson, founder and chief executive of Hackford, said: “Last year, fines hit £176 million, but this year we’re on track for just £25 million—the lowest ever.
“It begs the question: has the FCA whipped everyone into shape, or has it lost its sting?”
