UK FCA Has 2,211 Financial Promotions Amended/Withdrawn in Q1 2024

The UK Financial Conduct Authority (FCA) has recently released financial promotions data between 1 January 2024 and 31 March 2024 (Q1 2024), indicating that as a result of the regulator's interventions, 2,211 promotions have been amended or withdrawn by 35 authorised firms.

During the quarter, the FCA noted that retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, accounting for 85% of its interventions with authorised firms. Some of the most common breaches involved claims management companies, credit broker firms, and Contract for Difference (CFDs) providers.

Besides, the watchdog received 5,722 reports about potential unauthorised business. It issued 597 alerts about unauthorised firms and individuals, 11% of which were were clone scams.

On 7 February 2024, the financial promotions approval gateway came into force. As a result, firms that wish to approve financial promotions on behalf of unauthorised firms outside of their group must apply to the FCA for approver permission.