Laura WilesThe FCA’s latest financial promotions data shows 19,766 promotions were amended or withdrawn in 2024, almost doubling the 2023 figure of 10,008.
In previous reporting, the FCA acknowledged this sharp increase was in part due to 10,593 promotions being amended or withdraw in Q3, when one firm withdrew 6,792 promotions (over double the Q2 figure for all firms), many of which had been historical promotions withdrawn as a precaution.
Key concern areas for 2024 included cryptoasset, debt solutions and CMC promotions. In total, 9,197 CMC promotions were withdrawn, many relating to housing disrepair and motor finance claims targeted at vulnerable customers. The FCA will continue to monitor this sector in 2025.
The FCA has also published its financial promotions data for Q4 2024 on its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
During the period:
- 3,697 promotions were amended or withdrawn by authorised firms;
- 584 alerts were issued on authorised firms and individuals, of which 11% were clone scams; and
- the FCA reviewed 1,358 promotions, 72% of which were identified via its own monitoring.