FCA has published its financial promotions data for Q2 2023, which showed that 1507 promotions were amended or withdrawn as a result of FCA intervention. As with the data for Q1, the majority of cases related to retail investments or lending.
FCA issued 400 alerts in respect of unauthorised firms and individuals. 11% of these related to clone scams, where there were often breaches of the financial promotion restriction online.
Examples of FCAs interventions for authorised and unauthorised business included toward:
- Fin-fluencers
- Limited permission credit brokers marketing high-risk investments
- Debt advice firms implying government endorsement
- E-money issuers with repeated non-compliance of the financial promotion rules
- Retail banking firms having unclear information on their travel insurance offering
- Firms mis-leading consumers about funeral plan cover
- Wealth management firms missing required warnings