FCA publishes Q1 fin proms data

The FCA has published its financial promotions data for Q1 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.

During the period:

• 2,211 promotions were amended or withdrawn by 35 authorised firms;
• 597 alerts were issued on unauthorised firms and individuals, of which 11% were identified as clone scams;
• following a review of the marketing and promotions of claims managements firms for housing disrepair claims, 83 amendments or withdrawals were made;
• the retail investments and retail lending sectors had the highest amendment or withdrawal outcomes, comprising around 85% of total interventions with authorised firms;
• common breaches included those involving claims management companies, credit broker firms, and contracts for differences providers;
• on 7 February 2024, the financial promotions approval gateway came into effect, so firms wishing to approve financial promotions on behalf of unauthorised firms outside of their group must apply to the FCA for approver permission. Reporting requirements also came into effect from 7 February for all firms with approver permission or benefiting from the transitional arrangements.