The FCA published over 1,800 scam alerts last year.
The regulator says it will introduce new consumer duty obligations in July.
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.
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.
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.
Tide Rides Adyen's Banking Wave into Germany's SME Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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