FCA issues final warning for cryptoasset firms marketing to UK consumers
The FCA has issued a final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime.
The FCA has issued a final warning for cryptoasset firms marketing to UK consumers and those supporting them to get ready for the financial promotion regime.
Retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, totalling 70% of FCA interventions.
The FCA tells cryptoasset firms marketing to UK consumers to get ready for the financial promotions regime by 8 October 2023.
FCA explains that the ban applies to any incentives offered to retail clients as part of a financial promotion relating to high-risk investments.
FCA interventions in 2023 Q1 resulted in 2235 promotions being amended/withdrawn by authorised firms.
The FCA has proposed new measures to clamp down on illegal, unfair or misleading financial marketing.
The FCA acted to protect customers from Samweb’s misleading financial promotions and to ensure customers have the confidence of dealing.
The UK Financial Conduct Authority (FCA) amended or withdrew 4,151 financial promotions in the third quarter of 2022.
Retail investments and retail lending are the sectors with the highest amend/withdraw outcomes, the FCA reports.
The FCA has concluded that Freetrade has breached regulations that require financial promotions to be fair, clear and not misleading.