UK FCA Has 1,507 Financial Promotions Amended/Withdrawn in Q2 2023

The United Kingdom Financial Conduct Authority (FCA) has released its data generated between 1 April 2023 and 30 June 2023 from its actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.

In this quarter, the UK regulator has reviewed 301 financial promotions from multiple sources. Then it amended or withdrew 1,507 promotions following its intervention with 54 authorised firms.

Specifically, the FCA noted that retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, accounting for 70% of its interventions with authorised firms. Some of the most common breaches involved debt advice firms and peer 2 peer lending platform firms.

In addition, the regulator received 6,387 reports about potential unauthorised business in Q2 2023. It issued 400 alerts about unauthorised firms and individuals, 11% of which were related to clone scams.

Compared to Q1 2023​, the FCA has had 2,235 promotions amended or withdrawn following its intervention with 47 authorised firms.