The UK’s Financial Conduct Authority carried out fewer dawn raids as part of its enforcement process than at any time since the 2009 financial crisis, law firm data shows.

A report by Bloomberg said that the regulator conducted seven raids - which involve searching offices or homes often early in the morning and sometimes making arrests - in 2016, compared with a decade-high number of 37 in 2009. The report cited figures obtained by RPC LLP from the FCA. The report went on to say that since 2008, the FCA carried out more than 10 raids a year until 2014 when the number dropped to eight and has barely risen since.

The report said that the data cannot be interpreted as the FCA becoming less keen to enforce its powers, but said the drop in numbers was odd because of the “new direction” taken by the agency’s department head, Mark Steward. The FCA began 70 insider-dealing investigations in 2016, more than double any other year in the last decade, the report, citing freedom of information requests it has lodged, said.

It is possible there is a lag in time between when investigations start and raids are actually carried out, the report concluded.