On 4 November 2022, the FCA published financial promotions quarterly data for Q3 2022.
The data highlights that the FCA had intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data.
Retail lending, investments and banking are the sectors with the highest rate of amends to or withdrawal of adverts and amount to 95% of the FCA’s interventions with authorised firms.
The FCA highlighted that it had seen several cases involving unauthorised firms and individuals seeking to take advantage of the rising cost of living. During the period, the FCA issued 303 warnings about unauthorised firms and individuals, with over 20% being about clone scams.