The UK Financial Conduct Authority (FCA) today published financial promotions data for the second quarter of 2021.
The data show the number of financial promotions that have been amended or withdrawn due to non-compliance with FCA’s rules for the second quarter of 2021.
The FCA undertakes many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. Where the regulator concludes that an advert is in breach of its rules, it asks the firm which has communicated or approved it to withdraw the advert, or change it so that it complies with the FCA requirements. The FCA 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.
In the second quarter of 2021, the FCA reviewed 439 financial promotions, which includes promotions identified through both complaints the watchdog has received and the proactive work it performs to ensure promotions meet the requirements of its rules, including that they are fair, clear and not misleading.
During the second quarter of 2021, 34 cases resulted in 84 promotions being amended or withdrawn through the FCA interaction with authorised firms.
About 88% of the amend/withdraw outcomes are related to either website or social media promotions.