FCA publishes 2021 fin proms data

FCA has published its analysis of its data from 2021 relating to action it took against authorised firms breaching financial promotion rules. Key conclusions included:

  • an increase in amendment and withdrawal of promotions, compared to a similar number of cases in 2020 – 564 promotions were amended or withdrawn across 132 firms, compared to 207 from a similar number of firms last year;
  • over three-quarters of FCA’s interventions against authorised firms related to retail investments and retail lending;
  • some of the most common breaches came from retail lenders and CMCs;
  • FCA is becoming concerned about retail investment use of influencers on social media and stresses that firms should ensure they have taken appropriate legal advice before using influencers;
  • a 10% increase in reports of illegal promotions, resulting in an increase in FCA issued alerts – it issued 1410 alerts, of which around 30% related to clone scams
  • a significant reduction in non-compliant paid-for ads by unauthorised entities on Google since it implemented its new policy



Emma Radmore