FCA Publishes Financial Promotions Quarterly Data for 2021 Q3

The UK Financial Conduct Authority (FCA) has issued the data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with the FCA rules for 2021 Q3.

According to the press release, the FCA has undertaken many reviews of firms' financial promotions, which are identified through multiple sources including both consumer and firm referrals.

Specifically, the FCA reviewed 514 financial promotions, 51% of which received from consumers, 25% from internal areas of FCA, 16% from UK Regulators, 6% from firms and 2% related to the FCA’s proactive monitoring.

In Q3 of 2021, 26 cases resulted in 74 promotions being amended or withdrawn through the FCA’s interaction with authorised firms. The regulator notes that 69% of the amend/withdraw outcomes related to either website or social media promotions.

“We realise the need for greater transparency over the non-compliant financial promotions outcomes, so from 2021 we started to publish this data quarterly,”the regulator stated.”Where we conclude that an advert is in breach of our rules, we ask the firm which has communicated or approved it to withdraw the advert or change it so that it complies with our requirements.”

As Fazzaco reported earlier, the FCA has set out plan to tackle investment scams​, aiming to give consumers the confidence to invest and lead to fewer people being scammed or persuaded to invest in products too risky for their needs.