Emma RadmoreFCA has published its quarterly data for the quarter ending June 2022 on its actions against firms that breach financial promotions restrictions and requirements. Key statistics include:
- review of 451 promotions resulting in 374 amendments or withdrawals, of which over half involved website or social media promotions
- 83% of interventions related to retail lending and investments, often involving credit brokers, mortgage intermediaries and investment platforms
- 286 alerts issued
- 28,000 lenders and brokers received a Dear CEO letter warning them to stop using misleading terms – particular around “no credit check loans”, “guaranteed”, “pre-approved” and similar terms. Credit brokers in particular must not imply that just because they do not carry out credit checks, none will be done.
