Context
The FCA has published details of the financial promotions it has reviewed during Q2 2021. 439 financial promotions were reviewed, which included promotions identified through both complaints the FCA had received and the proactive work it had performed to ensure promotions meet the requirements of the rules, including that they are fair, clear and not misleading.
Key points to note
- The sources of the reports in relation to the promotions reviewed:
- 48% from consumers
- 28% from internal areas of the FCA
- 13% from other UK Regulators
- 6% from the FCA’s proactive monitoring
- 3% from firms
- 2% from other sources.
- During this time 34 cases resulted in 84 promotions being amended or withdrawn through our interaction with authorised firms.
- 88% of the amend/withdraw outcomes related to either website or social media promotions
- Of the promotions reviewed, 6% related to the general insurance and protection sectors, with the highest figure being in relation to retail lending (41% – see the chart below)
Next actions
None – for information and awareness.