The UK Monetary Conduct Authority (FCA) as we speak revealed the monetary promotions knowledge for the third quarter of 2023.
FCA interventions through the three months to end-September 2023 resulted in 5,310 promotions being amended or withdrawn by authorised companies.
The retail investments and retail lending sectors had the very best amend/withdraw outcomes, totalling 80% of FCA’s interventions with authorised companies.
A few of the commonest breaches concerned debt recommendation companies, credit score dealer companies and Enterprise Funding Scheme (EIS) suppliers the place the FCA undertook a proactive assessment. The verify resulted within the FCA writing to 18 companies and 55 promotions being amended or withdrawn. Widespread considerations included non-compliance of the high-risk warning or the chance abstract.
In Q3 2023, the FCA issued 488 alerts on unauthorised companies and people, 11% of those had been clone scams.
On 8 October 2023, the monetary promotion guidelines for cryptoassets went reside. These guidelines require monetary promotions to be clear, honest, and never deceptive, to show clear threat warnings, to reveal the agency’s regulated standing and stop providing any type of incentive to speculate.