Context
The FCA has published a webpage providing a summary of data generated between April to June 2024 following the FCAs actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. The data provides an overview of how the FCA is working to improve standards across the market so that consumers are provided with clear and fair financial promotions which are not misleading.
Key points to note and next actions
What is included in the data?
- Authorised firms – 3,273 promotions being amended or withdrawn by authorised firms from April to June 2024, with 3% of these cases originating from the General Insurance & protection sector and 66% associated with retail lending.
- Unauthorised firms – FCA issued 528 alerts on unauthorised firms and individuals, 11% of these were identified as clone scams.
The FCA provides examples of its work on financial promotions during 2024 Q2, which has resulted in:
- reducing and preventing serious harm (overview of a number of interventions);
- setting and testing higher standards (cryptoasset financial promotions regime); and
- promoting competition and positive change (proactive monitoring of later life mortgage advertising).