FCA finalises fin prom gateway policy

FCA has published its final policy position on implementing the gateway for firms that wish to approve financial promotions. It has now set out its final approach on:

  • how it will assess applicants at the gateway and the basis on which it will grant or refuse applications
  • reporting requirements
  • extending (or in fact not extending) FOS’ jurisdiction to approval of promotions
  • guidance and
  • undertaking a review of its approach after 2 years.

Questions FCA will ask include seeking information on the types of investments the firm wishes to be able to approve promotions for, and follow up questions relating to the product type as well as general questions on how firms will ensure that promotions are clear, fair and not misleading, and the authenticity of statements made. FCA will also want to understand how the firm plans to charge for approvals and if applicable for ongoing monitoring, and how much they expect to make from the activity.

FCA expects firms to be able to submit applications for permission to approve financial promotions from 6 November 2023 (and new applicants for authorisation can include this in their application from that date), and that the initial application period will close on 6 February 2024. The next day, the legislative changes implementing the gateway will take effect, and firms that have not at that time applied will not be able to approve promotions (unless under an exemption). Any firms that later wish to approve promotions will need to apply for a VOP.


Emma Radmore