Context
The FCA has set out a summary of data generated between 1 July 2023 and 30 September 2023 from its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
Key points to note
- The interventions in Q3 2023 resulted in 5,310 promotions being amended or withdrawn by authorised firms.
- The FCA issued 488 alerts on unauthorised firms and individuals; 11% of these were clone scams.
- The FCA proactively reviewed the marketing and promotions of Enterprise Investment Scheme (EIS) providers which resulted in it writing to 18 firms and 55 promotions being amended or withdrawn. Common concerns included non-compliance of the high-risk warning or the risk summary.
- 14% of the financial promotions reviewed for authorised firms were from the general insurance sector.
Next actions
None – for information and awareness.