Please find the official FCA publication here.
This page analyses the latest data, from 1 July 2022 to 30 September 2022, from our action against authorised firms breaching financial promotion rules and referrals and investigations into unregulated activity.
The data we gather means we can monitor developments in the market, get insights into sectors we have concerns about and act to prevent consumers from harm.
What’s included in the data
- key messages for regulated and unregulated financial promotion activity
- number of financial promotions reviewed during this period
- number of closed cases where promotions have been amended and withdrawn including split across sectors, excluding cases which are still ongoing
- number of unauthorised reports received, and alerts issued
- how we act
Key messages
- In 2022 Q3, we reviewed 340 promotions.
- Our engagement resulted in 4,151 amends/withdrawals.
- Retail lending (with 46%), retail investments and retail banking are the sectors with the highest amend/withdraw outcomes, amounting to 95% of our interventions with authorised firms.
- Some of the most common breaches involved credit brokers, e-money providers and CFD providers.
- In 2022 Q3, we issued 303 alerts about unauthorised firms and individuals, with 20% of these related to clone scams.
- On 29 July 2022, we started regulating pre-paid funeral plans. From this date all funeral plan providers needed to follow new FCA rules, which include a ban on cold calling and commission paid to intermediaries, and high standards on governance and financial resilience. Failure to comply with our Handbook rules will result in action being taken.
- We issued a Dear CEO letter to circa 27,000 firms and a similar letter to The British Retail Consortium (BRC) to reach unregulated merchants and retailers. The letter warned firms offering BNPL products that although some agreements are unregulated the financial promotions of all BNPL products must comply with the financial promotion rules. We will be undertaking proactive monitoring during Q4 and if firms fail to comply, we may use criminal and regulatory enforcement powers.
Please continue reading the publication here.
