FCA's Financial Promotions Intervention Results in 2,211 Amendments or Withdrawals for Q1 2024

The Financial Conduct Authority (FCA) posted financial promotions quarterly data for 2024 Q1 (between 1 January 2024 and 31 March 2024) on 26 April 2024. 

In 2024 Q1, the FCA reviewed 722 financial promotions from multiple sources, resulting in 2,211 promotions being amended or withdrawn by authorized firms following their intervention with 35 authorized firms. 

source: FCA (Figures rounded to the nearest percentage)

The retail investments and retail lending sectors had the highest amend/withdraw outcomes, totaling 85% of the interventions with authorized firms. 

Some of the most common breaches involved claims management companies, credit broker firms, and Contract for Difference (CFDs) providers.

In 2024 Q1, the FCA received 5,722 reports about potential unauthorized businesses and issued 597 alerts about unauthorized firms and individuals. 11% of these are related to clone scams where fraudsters use details such as the name and address of authorized firms and individuals, and a 'firm registration number' (FRN) to suggest they are genuine. Many of these involved breaches of the financial promotion restriction online. In almost all cases the FCA asked for the websites to be taken down.