On 29 April 2026, the Financial Conduct Authority (FCA) published Consultation Paper 26/15: Reviewing the financial promotions rules for consumer credit (CP26/15).
Background
Before the Consumer Duty’s (Duty) introduction in July 2023, the FCA were frequently urged to review and update the financial promotion rules in chapter 3 of the Consumer Credit sourcebook (CONC 3) to reflect evolving communications channels and product innovation. Since the Duty’s implementation, some industry representatives have asked if the FCA could simplify certain general requirements in CONC 3, given their potential overlap with PRIN 2A.5 (retail customer outcome on consumer understanding). This has also prompted calls for the FCA to change its rules to give firms more flexibility on disclosing costs in financial promotions to better support consumer understanding. Following this feedback, the FCA committed in the Feedback Statement on the Duty rule review (FS25/2) to simplify its requirements of firms.
Proposals
In CP26/15 the FCA proposes changes to CONC 3 to remove unnecessary or outdated rules relating to financial promotions, and to ensure alignment with the Duty. Chapter 3 of CP26/15 describes the FCA’s proposed interventions in detail. The FCA has decided that the following sections of CONC 3 are outside the scope of its review:
- CONC 3.4 – Risk warnings for high-cost short-term credit.
- CONC 3.7 – Financial Promotions and Communications: credit brokers.
- CONC 3.7A – Financial promotions and communications: P2P agreements.
- CONC 3.9 – Financial promotions and communications: debt counsellors and debt adjusters (save for the proposal to relocate some parts of CONC 3.3.10G).
In addition, the FCA proposes to make minor amendments to CONC 3.3.1AG to reflect changes made by the Digital Markets, Competition and Consumer Act 2024.
Consumer research
The FCA has also published 2 pieces of consumer research to help inform its policy thinking on cost disclosure.
Next steps
The deadline for comments on CP26/15 is 17 June 2026.