This data shows the number of financial promotions that have been amended or withdrawn due to non-compliance with our rules for 2021 Q2.
We undertake many reviews of firms’ financial promotions, which are identified through multiple sources including both consumer and firm referrals. We look at every financial advert reported to us. Where we conclude that an advert is in breach of our rules, we ask the firm which has communicated or approved it to withdraw the advert, or change it so that it complies with our requirements. We 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.
We realise the need for greater transparency over the non-compliant financial promotions outcomes, so from 2021 we started to publish this data quarterly.
This data includes statistics about how we review and act on certain non-compliant financial promotions.
In Q2 of 2021 we reviewed 439 financial promotions, which includes promotions identified through both complaints we have received and the proactive work we perform to ensure promotions meet the requirements of our rules, including that they are fair, clear and not misleading.
48% of reports we received from consumers
28% of reports we received from internal areas of FCA
13% of reports we received from UK Regulators
6% of reports related to our proactive monitoring
3% of reports we received from firms
2% of reports we received from other sources
During this time 34 cases resulted in 84 promotions being amended or withdrawn through our interaction with authorised firms.
Figure 1 shows how the cases in 2021 Q2 which have resulted in a promotion being amended/withdrawn are spread across a number of sectors.
Figures rounded to the nearest percentage.
*The above cases do not relate to unauthorised firms that have not had their promotions approved. For details relating to how we have tackled consumer harm for unauthorised firms in the investment market please review our Consumer Investments Data publication.
Note: Our casework with firms will usually involve confidential information for the purposes of section 348 of the Financial Services and Markets Act 2000. We are therefore unlikely to be able to provide further information about particular cases. Find out more about the information we can share.
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