FCA steps up promotions scrutiny as interventions top 200

The Financial Conduct Authority (FCA) is likely to be more ‘intrusive' than its predecessor on the policing of firms' financial promotions and has so far intervened more than 200 times on the issue, according to a consultancy.

Regulatory consultancy Bovill found, following a freedom of information request, that the regulator had withdrawn or amended 204 financial promotions in the year to July. It warned firms that the FCA was likely to increase its policing efforts under its new sole focus on conduct. Bovill head of wealth management Mark Spiers said: "We are expecting the regulator to be getting ever more pro-active in policing the financial promotion rules. If it thinks firms have overstepped the rules, it will be quick to intervene. "The FCA's sole focus on firms' conduct and the new intervention too...