FCA updates on fin prom data

FCA has published data for the quarter ending September 2023 on its actions against breaches of financial promotion rules and referrals and investigations into unauthorised activity. During the period:

  • FCA actions resulted in authorised firms amending or withdrawing over 5,000 promotions, our of a review of around 1,200. In 2 cases it placed requirements on a firm restricting the firm’s ability to communicate or approve financial promotions;
  • FCA issued nearly 500 alerts on unauthorised firms and individuals of which 11% were clone scams;
  • FCA undertook an exercise to review EIS provider marketing and promotions and as a result wrote to 18 firms, and 55 promotions were amended or withdrawn.

Emma Radmore