Context
The FCA has published a summary of data generated between 1 April 2023 and 30 June 2023 from its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
Key points to note
- 1,507 promotions have been amended or withdrawn by authorised firms.
- Retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, totalling 70% of interventions with authorised firms.
- 400 alerts were issued on unauthorised firms and individuals, 11% of these were clone scams.
- An infographic was released on 6 April 2023, in conjunction with the Advertising Standards Authority, to educate fin-fluencers about their obligations when seeking to promote financial services and products. 45,000 people viewed the posts and there were 1,300 engagements.
- The FCA proactively reviewed the marketing and promotions of funeral plan providers which resulted in it writing to 17 firms and 450 promotions being amended or withdrawn. Common themes included firm’s using their regulatory status in a promotional way, use of promotional language on safeguarding and not making it clear what is included and, more importantly, what’s not included within the funeral plan.
Next actions
None – for information and awareness.