Context
The FCA has published a summary of data generated between 1st January 2023 and 31st March 2023, including its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
Key points to note
- The FCA’s interventions in Q1 2023 resulted in 2235 promotions being amended/withdrawn by authorised firms.
- 611 alerts were issued on unauthorised firms and individuals, with 12% of which related to clone scams.
- Unauthorised and authorised firms offering debt advice were the subject of focused work from the FCA, due to the rising cost of living. This resulted in 9 alerts being issued, and two firms having voluntary requirements imposed on them.
- The FCA took action against a firm using a trading name which could potentially mislead consumers that it was a not-for-profit organisation or part of a government scheme.
Next actions
None – for information and awareness.