Context
The published web page gives a summary of data collected between 1st July 2024 and 30th September 2024 from the FCA’s actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
Key points to note and next actions
- FCA interventions in Q3 2024 resulted in 10,593 promotions being amended or withdrawn by authorised firms. This includes one firm which withdrew 6,792 promotions, many of which were historical promotions withdrawn as a precaution.
- The FCA issued 552 alerts on unauthorised firms and individuals; 12% of these were clone scams.
- The FCA is actively engaging with firms which appear to be providing and advertising unauthorised debt advice and debt solutions to consumers via online promotions. It continues to observe trends of aggressive sponsored promotions placed by unauthorised firms, particularly through TikTok and paid-for Google advertisements.
- The FCA remains committed to using its powers to work with and take appropriate action against unauthorised firms to prevent serious harm to consumers in this area.