FCA Q1 2021 financial promotions quarterly data
On 6 April, the FCA published its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021. The FCA reviewed 441 financial promotions identified through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or social media promotions. 47% of financial promotions reviewed related to retail lending, 26% to retail investments, and 18% to retail banking.
Financial Guidance and Claims Act 2018 (Commencement No. 7) (Dissolution of the Consumer Financial Education Body) Regulations 2021