The page gives a summary of data collected between 1 July 2024 and 30 September 2024 from the FCA’s actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
This data shows how the FCA are working to improve standards across the market so that consumers are provided with clear and fair financial promotions which are not misleading.
Please find the full data publication here.
What’s included in the data
- Key messages
- Authorised firms
- 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- number of closed cases where promotions have been amended and withdrawn, including split across sectors, excluding cases which are still ongoing
- Unauthorised firms
- number of unauthorised reports received, and alerts issued
- Examples of work on financial promotions during 2024 Q3:
- reducing and preventing serious harm
- setting and testing higher standards
- promoting competition and positive change
- Information on how to report a misleading financial advert or potential scam
Key messages
- The FCA’s interventions in 2024 Q3 resulted in 10,593 promotions being amended or withdrawn by authorised firms. This includes one firm who withdrew 6,792 promotions, many of which were historical promotions withdrawn as a precaution.
- The FCA issued 552 alerts on unauthorised firms and individuals, 12% of these were clone scams.
- The cryptoasset financial promotions regime came into force on 8 October 2023 and has now been live for a year. Over the last year the FCA have issued 1,702 consumer alerts about illegal crypto promotions and these actions have resulted in the take down of over 900 scam crypto websites and the removal of 56 apps from UK apps stores. The FCA are continuing to work with social media companies to remove and block illegal content on their platforms.
- The FCA are actively engaging with firms who appear to be providing and advertising unauthorised debt advice and debt solutions to consumers via online promotions. The FCA continue to observe trends of aggressive sponsored promotions placed by unauthorised firms, particularly through TikTok and paid-for Google advertisements. The FCA remain committed to using powers to work with and take appropriate action against unauthorised firms to prevent serious harm to consumers in this area.
Please find the full data publication here.
