UK FCA Has 2235 Promotions Amended/Withdrawn in Q1 2023

The United Kingdom Financial Conduct Authority (FCA) has released its financial promotions data for the first quarter of 2023 ended 31 March 2023, unveiling that the watchdog has had 2235 promotions amended or withdrawn following its intervention with 47 authorised firms.

During the quarter, the financial regulator has issued 611 alerts on unauthorised firms and individuals, with 12% of these related to clone scams. This represents a 15% increase from Q4 2022’s 531.

10 Voluntary Applications for Imposition of Requirements (VREQs) were approved, restricting these firms’ ability to communicate or approve financial promotions.

Besides, the FCA has received 6989 reports about potential unauthorised business. The watchdog noted that retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, totalling 90% of its interventions with authorised firms. 

In February, Fazzaco reported that the FCA has blocked over 8,000 misleading advertisements and promotions during 2022​, which was 14 times more than in 2021.