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FCA review of financial promotion approvers finds some firms need to raise standards

May 28, 2026 | FCA

Link(s):  Review of financial promotion approvers finds some firms need to raise standards | FCA

Context

The FCA has published the results of a review into firms which approve financial promotions (‘financial promotions approvers’) and has found that some firms need to raise standards.  The FCA has stated that these approvers should be doing more to protect consumers.

Key points to note and next actions

  • The FCA found that the strongest firms were applying the Consumer Duty from the start of their processes. They were able to make sure that every promotion approved was accurate, clear and reached the right audience.
  • However, the FCA also found that some firms approved adverts with unsubstantiated claims or allowed retail investors to see promotions intended for professional clients. In some cases, firms relied on third-party templates instead of doing proper checks themselves.
  • The review focussed on sampling promotions that had been approved since the firm was authorised.
  • The review assessed 10 authorised firms that approve financial promotions for businesses which are not authorised by the FCA, and which were approving financial promotions for Buy Now Pay Later, crowdfunding and corporate finance firms.