The Financial Conduct Authority has not been sufficiently proactive or timely in using its enforcement powers. To date, the FCA has issued one fine in response to the BSPS case, and while it has 30 more enforcement actions in place, these have been ongoing for years without progress. It relied on ineffective interventions during its initial response such as issuing letters to advice firms reminding them of their obligations, and allowing firms to voluntarily withdraw from the market, rather than taking enforcement action. In doing so, the FCA failed to distinguish between rogue advisers and isolated instances of bad advice. Similarly, within the BSPS case there have been reports of phoenixing, in which rogue advice firms voluntarily leave the market only to repaper under different names; in response the FCA updated its guidance to raise firms’ awareness of the issue and is yet to take enforcement action. This highlights the FCA’s failure to deter bad actors from operating within the market. Recommendation: The FCA should report to the committee on the progress being made on its 30 active enforcement cases, how it is updating its approach to make a clearer distinction about how it enforces against poor conduct and rogue advisers, and how it signals the outcome of its actions to the wider market. The FCA should review whether it has sufficient enforcement powers to deal with bad actors in the financial industry. The Treasury should consider how to address concerns about activity relevant to, but not within, the FCA’s remit, for example the actions of introducers in cases such as the BSPS.