The FCA published over 1,800 scam alerts last year.
The regulator says it will introduce new consumer duty obligations in July.
Bloomberg
The United Kingdom Financial Conduct Authority (FCA) rejected 8,582
financial promotions in 2022 and sought their amendment or removal by authorized firms. This is approximately 1,400% more than the 573 financial promotions the regulator rebuffed in 2021.
The FCA disclosed the figures on Friday in a statement, noting that it
published over 1,800 scam alerts last year to protect investors against
scammers.
The increase in intervention comes as the financial markets regulator said it has made “significant improvements to the digital tools” it
deploys to fish out problematic firms and their misleading adverts. This made it possible for the regulator to work on a larger number of cases than they were able to in 2021.
The number of financial promotions that required intervention has increased dramatically since 2020.
Furthermore, the FCA said ‘fin-fluencers’ have become a growing source of
concern as it has had to act against several of them in the past year. Additionally, the
regulator 'worked closely' with several big tech companies in 2022. The
goal, the financial markets supervisor explained, was to make them alter their advertising
policies to only allow financial promotions approved by firms it had authorized. However, the regulator said tech companies need to do more to
protect consumers.
FCA to Introduce New ‘Consumer Duty’ in July
Under the FCA’s current regime, only authorized firms can approve
financial ads on behalf of those not under its supervision. However, in
December last year, the UK Parliament proposed a new policy that will require
FCA-authorized firms to undergo a new assessment to ensure that they
appropriately approve promotional campaigns. Work is still ongoing on this, the FCA
said in the new statement released on Friday.
“The FCA is currently consulting on introducing tougher checks for firms
which want to approve financial promotions. The measures will make sure the FCA
is able to quickly put a stop to harmful financial promotions by unauthorized firms and individuals,” the regulator noted.
In addition, the FCA said it will introduce 'Consumer Duty' in July this year.
The regulator first proposed a new set of consumer
duties for financial firms in May 2021 and previously set July 2022 as the date to kick off enforcement following its public consultation.
“Under the Duty, firms will need to demonstrate that they are providing
consumers with information, which helps them to make effective and informed
decisions about financial products and services,” the FCA explained in the new
statement.
The United Kingdom Financial Conduct Authority (FCA) rejected 8,582
financial promotions in 2022 and sought their amendment or removal by authorized firms. This is approximately 1,400% more than the 573 financial promotions the regulator rebuffed in 2021.
The FCA disclosed the figures on Friday in a statement, noting that it
published over 1,800 scam alerts last year to protect investors against
scammers.
The increase in intervention comes as the financial markets regulator said it has made “significant improvements to the digital tools” it
deploys to fish out problematic firms and their misleading adverts. This made it possible for the regulator to work on a larger number of cases than they were able to in 2021.
The number of financial promotions that required intervention has increased dramatically since 2020.
Furthermore, the FCA said ‘fin-fluencers’ have become a growing source of
concern as it has had to act against several of them in the past year. Additionally, the
regulator 'worked closely' with several big tech companies in 2022. The
goal, the financial markets supervisor explained, was to make them alter their advertising
policies to only allow financial promotions approved by firms it had authorized. However, the regulator said tech companies need to do more to
protect consumers.
FCA to Introduce New ‘Consumer Duty’ in July
Under the FCA’s current regime, only authorized firms can approve
financial ads on behalf of those not under its supervision. However, in
December last year, the UK Parliament proposed a new policy that will require
FCA-authorized firms to undergo a new assessment to ensure that they
appropriately approve promotional campaigns. Work is still ongoing on this, the FCA
said in the new statement released on Friday.
“The FCA is currently consulting on introducing tougher checks for firms
which want to approve financial promotions. The measures will make sure the FCA
is able to quickly put a stop to harmful financial promotions by unauthorized firms and individuals,” the regulator noted.
In addition, the FCA said it will introduce 'Consumer Duty' in July this year.
The regulator first proposed a new set of consumer
duties for financial firms in May 2021 and previously set July 2022 as the date to kick off enforcement following its public consultation.
“Under the Duty, firms will need to demonstrate that they are providing
consumers with information, which helps them to make effective and informed
decisions about financial products and services,” the FCA explained in the new
statement.
Solomon Oladipupo is a journalist and editor from Nigeria that covers the tech, FX, fintech and cryptocurrency industries. He is a former assistant editor at AgroNigeria Magazine where he covered the agribusiness industry. Solomon holds a first-class degree in Journalism & Mass Communication from the University of Lagos where he graduated top of his class.
United Fintech Scores Sixth Backer Days After Barclays Deal
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
