On 3 November 2023, the FCA published Financial Promotions quarterly data 2023 Q3.
This update provides a summary of data generated between 1 July 2023 and 30 September 2023 from the FCA’s actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
Key messages from the data include:
- FCA interventions in Q3 2023 resulted in 5,310 promotions being amended or withdrawn by authorised firms.
- The FCA issues 488 alerts on unauthorised firms and individuals, 11% of these were clone scams.
- On 8 October 2023, the FCA financial promotion rules for crypto assets went live. These rules require financial promotions to be clear, fair and not misleading, to display clear warnings, to disclose the firm’s regulated status and cease offering any form of incentive to invest. This update sets out some of the findings before these rules went live.
- The FCA proactively reviewed the marketing and promotions of Enterprise Investment Scheme providers which resulted in the regulator writing to 18 firms and 55 promotions being amended or withdrawn. Common concerns included non-compliance of the high-risk warning or the risk summary.