| Link(s): https://www.fca.org.uk/data/financial-promotions-and-adverts/financial-promotions-quarterly-data |
Context
The FCA undertakes many reviews of firms’ financial promotions. Financial promotions for review are identified through multiple sources including both consumer and firm referrals. The FCA’s Q1 data for 2021 includes statistics about how the Regulator reviews and acts on certain non-compliant financial promotions.
Key points to note
- Where it is concluded that an advert is in breach of the rules, firms will be asked to withdraw the advert or make changes so that it will comply with requirements.
- In Q1 of 2021 441 financial promotions were reviewed.
- During this time 38 cases resulted in 105 promotions being amended or withdrawn through the FCA interacting with authorised firms.
- 75% of the amend/withdraw outcomes related to either website or social media promotions which shows that the FCA is looking at all types of financial promotions and all the channels and media in which they are used.
- The table below shows numbers of financial promotions received, split into sectors. It is noted that the GI sector has relatively low complaint numbers:
Next actions
None – for information only