This data shows the number of actions we have taken to mitigate non-compliance of our financial promotions and guidance for 2021 Q4.
In Q4 2021 we reviewed 268 financial promotions from multiple sources:
41% from consumers
21% from different areas of the FCA
19% from UK Regulators
13% from firms
5% from our proactive monitoring
If we decide that an advert is breaching of our rules, we consider the most appropriate course of action depending on the nature of the breach.
We use a range of tools available, including seeking voluntary or imposing own initiative requirements, asking the firm which has communicated or approved the advert to withdraw it or change it so that it complies with our requirements. In the most serious circumstances, we will seek to use our power to ban the promotion.
We may also ask firms to consider whether any customers may have acted on the non-compliant promotions and to take appropriate action to remedy any harm which consumers may have suffered as a result.
Outcomes, 2021 Q4
The figures represented are for closed cases and do not cover all promotions reviewed in this quarter as some have ongoing supervisory work:
- 1 Own Initiative Application for Imposition of Requirement (OIREQ) was imposed restricting the firm’s ability to communicate of approve financial promotions
- 6 Voluntary Application for Imposition of Requirements (VREQs) were approved, restricting the firm’s ability to communicate or approve financial promotions
- 295 promotions were amended or withdrawn following our intervention with 35 authorised firms
- 77% of these involved website or social media promotions
Figure 1 shows how the cases in 2021 Q4 which resulted in firms withdrawing or amending a promotion are spread across different 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 read our Consumer Investments Data publication.
- 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.
How to report a misleading financial advert
Report a financial advert or promotion that you think is misleading, unfair or unclear.