The FCA undertakes many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. The FCA looks at every financial advert reported to it. Where it 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. It 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.
The FCA realises the need for greater transparency over the non-compliant financial promotions outcomes, so from 2021 it started publishing this data quarterly.
This data includes statistics about how the FCA reviews and acts on certain non-compliant financial promotions.
In Q3 of 2021 the FCA reviewed 514 financial promotions, which includes promotions identified through both complaints it has received and the proactive work it performs to ensure promotions meet the requirements of our rules, including that they are fair, clear and not misleading.