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to review EIS provider marketing and promotions and as a result wrote to 18 firms, and 55 promotions were amended or withdrawn.