FCA intervenes in 10,000 ads in 2023

FCA has published its financial promotions data for the last quarter of 2023 and the entire past year.

It has:

• caused over 10,000 promotions to be withdrawn or changed in 2023 (a 17% increase on the previous year);
• published over 2,000 consumer alerts;
• introduced its rules on cryptoasset promotions;
• taken action by imposing a VREQ on a firm to stop it approving crypto promotions, preventing another from undertaking any regulated activities for new investments, and causing many firms to change their systems and amend and withdraw promotions; and
• opened its financial promotion gateway.

In the last quarter, 60% of affected promotions were in the investment sector, and 35% in retail lending.