UK FCA Has 5,310 Financial Promotions Amended/Withdrawn in Q3 2023

The UK Financial Conduct Authority (FCA) has recently released financial promotions data for the third quarter of 2023, indicating that as a result of the regulator's interventions, 5,310 promotions have been amended or withdrawn by authorised firms.

Compared to 1,507 promotions​ being amended or withdrawn during the three months to end-June 2023, the figure surged 252%.

Specifically, the FCA noted that retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, accounting for 80% of its interventions with authorised firms. Some of the most common breaches involved debt advice firms, credit broker firms and Enterprise Investment Scheme (EIS) providers.

The UK financial watchdog issued 488 alerts on unauthorised firms and individuals in Q3 2023, 11% of which were clone scams.