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FCA publishes quarterly financial promotions data for Q3 2021

Link(s):Financial promotions quarterly data 2021 Q3

Context

The FCA has published its quarterly financial promotions data for Q3 2021. The data shows the number of financial promotions that have been amended or withdrawn due to non-compliance with FCA rules. The FCA undertakes many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. Every financial advert reported to the FCA is reviewed.

Key points to note

  • The data includes statistics about how we review and act on certain non-compliant financial promotions.
  • In Q3 the FCA reviewed 514 financial promotions, which included promotions identified through both complaints the FCA had received and the proactive work it carries out to ensure promotions meet the requirements of the FCA rules, including that they are fair, clear and not misleading:
    • 51% of reports were from consumers
    • 25% of reports were from internal areas of the FCA
    • 16% of reports were from UK Regulators
    • 6% of reports were received from firm
    • 2% of reports related to FCA proactive monitoring
  • During this time 26 cases resulted in 74 promotions being amended or withdrawn through FCA interaction with authorised firms.
  • The data shows how the cases in 2021 Q3 which have resulted in a promotion being amended/withdrawn are spread across a number of sectors.

Next actions

None – for information only