The regulator has tightened rules on financial promotions, raising alerts against scams.
In just 3 months, the FCA issued over 450 alerts on illegal crypto ads.
The UK's
Financial Conduct Authority (FCA) took action against over 10,000 misleading
financial advertisements and promotions in 2023, an increase of 17% compared to the
previous year, according to a report published today (Wednesday).
Watchdog Cracks Down on
Misleading Financial Promotions
The
regulator also released a larger number of consumer alerts about potential scams last year. “For unauthorized
firms and individuals, we issued 2,285 alerts in 2023, an increase of 21% from
1,882 in 2022,” the FCA commented. Part of this data was already published by the FCA a week ago.
Since being
granted new powers to regulate crypto assets in October 2023, the FCA has
issued 450 alerts on illegal crypto promotions targeting UK consumers in just
three months. In
addition, there is growing unease at the FCA over so-called
"finfluencers." These are social media influencers promoting various financial
products like loans and investments, often to younger followers.
"People
need clear, fair and accurate information to base their financial decisions on.
We will continue to intervene and take action when we identify firms not
meeting our minimum standards," said Lucy Castledine, the Director
of Consumer Investments at the FCA.
The FCA
continues running its ScamSmart awareness campaign on investment and pension
fraud. Last year it tackled 43 unauthorized debt solution providers, taking
down 30 websites and social media accounts.
From
February 7th, authorized firms now require FCA permission before they can
approve promotions from unregulated persons, to ensure adequate expertise. Before the change, firms sanctioned by the FCA were allowed to endorse advertisements for unregulated entities. This practice resulted in disseminating deceptive or ambiguous ads in the retail trading sector. Under the new guidelines, however, firms are required to demonstrate their expertise and comprehension of the products they endorse.
"By introducing these new checks, we will ensure people approving adverts have the right skills and understanding they need to do so," Sarah Pritchard, the Executive Director of Markets at the FCA, commented. "Firms need to make sure people are equipped with the right information at the right time, so they can make properly informed decisions."
This
accompanies the Consumer Duty introduced in July 2023, which obliges firms to
provide information enabling consumers to make informed choices. As a result, entities regulated by the FCA Authority must adjust their operations to comply with these standards, aiming to safeguard consumer interests. These regulations are applicable to a broad spectrum of financial service providers, including payment processors, asset management companies, insurance carriers, brokerage firms, and others, impacting approximately 60,000 businesses.
The UK's
Financial Conduct Authority (FCA) took action against over 10,000 misleading
financial advertisements and promotions in 2023, an increase of 17% compared to the
previous year, according to a report published today (Wednesday).
Watchdog Cracks Down on
Misleading Financial Promotions
The
regulator also released a larger number of consumer alerts about potential scams last year. “For unauthorized
firms and individuals, we issued 2,285 alerts in 2023, an increase of 21% from
1,882 in 2022,” the FCA commented. Part of this data was already published by the FCA a week ago.
Since being
granted new powers to regulate crypto assets in October 2023, the FCA has
issued 450 alerts on illegal crypto promotions targeting UK consumers in just
three months. In
addition, there is growing unease at the FCA over so-called
"finfluencers." These are social media influencers promoting various financial
products like loans and investments, often to younger followers.
"People
need clear, fair and accurate information to base their financial decisions on.
We will continue to intervene and take action when we identify firms not
meeting our minimum standards," said Lucy Castledine, the Director
of Consumer Investments at the FCA.
The FCA
continues running its ScamSmart awareness campaign on investment and pension
fraud. Last year it tackled 43 unauthorized debt solution providers, taking
down 30 websites and social media accounts.
From
February 7th, authorized firms now require FCA permission before they can
approve promotions from unregulated persons, to ensure adequate expertise. Before the change, firms sanctioned by the FCA were allowed to endorse advertisements for unregulated entities. This practice resulted in disseminating deceptive or ambiguous ads in the retail trading sector. Under the new guidelines, however, firms are required to demonstrate their expertise and comprehension of the products they endorse.
"By introducing these new checks, we will ensure people approving adverts have the right skills and understanding they need to do so," Sarah Pritchard, the Executive Director of Markets at the FCA, commented. "Firms need to make sure people are equipped with the right information at the right time, so they can make properly informed decisions."
This
accompanies the Consumer Duty introduced in July 2023, which obliges firms to
provide information enabling consumers to make informed choices. As a result, entities regulated by the FCA Authority must adjust their operations to comply with these standards, aiming to safeguard consumer interests. These regulations are applicable to a broad spectrum of financial service providers, including payment processors, asset management companies, insurance carriers, brokerage firms, and others, impacting approximately 60,000 businesses.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Financial Commission Drops DeltaFX from Membership over “Rule Violations”
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24