FCA publishes fin proms data

FCA 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.

Emma Radmore