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15 October 2021

The Following article is from the Financial Conduct Authority. Please read the full article here.

“This data shows the number of financial promotions that have been amended or withdrawn due to non-compliance with our rules for 2021 Q3.”

“We undertake many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. We look at every financial advert reported to us. Where we conclude that an advert is in breach of our rules, we ask the firm which has communicated or approved it to withdraw the advert or change it so that it complies with our requirements. We may also ask firms to consider whether any customers may have acted on the basis of non-compliant promotions and to take appropriate action to remedy any harm which consumers may have suffered as a result.

We realise the need for greater transparency over the non-compliant financial promotions outcomes, so from 2021 we started to publish this data quarterly.

This data includes statistics about how we review and act on certain non-compliant financial promotions.

In Q3 of 2021 we reviewed 514 financial promotions, which includes promotions identified through both complaints we have received and the proactive work we perform to ensure promotions meet the requirements of our rules, including that they are fair, clear and not misleading.”

51% of reports we received from consumers
25% of reports we received from internal areas of FCA
16% of reports we received from UK Regulators
2% of reports related to our proactive monitoring
6% of reports we received from firms

See the full article for downloads, data and charts.

By David Petty

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