The Financial Conduct Authority has cancelled the permission of KBFS Financial Limited (FRN: 831504) to carry out regulated business following restrictions imposed in October over concerns about its failure to pay redress to former members of the British Steel Pension Scheme.

The FCA says a crackdown on illegal investment advertising on the internet helped cut investment fraud in 2023, with overall losses down 40%.

Only 14% of crypto-asset business registrations submitted to the FCA have been approved by the regulator since it became the crypto market supervisor in 2020.

The FCA has tightened its rules on firms’ ability to approve financial promotions for unauthorised persons.