FCA issues almost 600 alerts in initial months of tighter financial advert rules

11% related to clone scams

Eve Maddock-Jones
clock • 2 min read

The Financial Conduct Authority issued just under 600 alerts to unauthorised firms and individuals over problematic advertisements as its tighter financial promotion rules came into effect.

The financial promotions approval gateway came into force on 7 February, as the FCA attempts to crackdown on misleading financial adverts. The changes meant authorised firms now need permission from the FCA if they want to approve promotions for unregulated persons. This is to ensure firms approving financial promotions have the necessary expertise for the deal being offered. According to data for the first quarter, the FCA received 5,722 reports about potential unauthorised business. FCA eyes extension of SDR remit to include portfolio managers Of the alerts it did issue, 11% w...

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