The Financial Conduct Authority published 2024 data showing its intervention led to 19,766 financial promotions being amended or withdrawn, a 97.5% increase compared with 2023, as it intensified action against misleading and illegal promotions. The regulator highlighted particular concerns with cryptoasset, debt solutions and claims management company (CMC) promotions. It reported the withdrawal of 9,197 CMC promotions in 2024 following action affecting 46 authorised CMC firms, with many promotions linked to housing disrepair and motor finance claims aimed at vulnerable consumers. The FCA also urged social media platforms to do more to identify and prevent illegal promotions, and said targeted action against “finfluencers” resulted in 20 people being interviewed under caution. Alongside this supervisory and enforcement activity, it pointed to the Section 21 Gateway requirement for firms to obtain FCA permission before approving promotions for unauthorised persons, and said it issued 2,240 warnings about unauthorised or potentially scam firms in 2024.
Financial Conduct Authority 2025-02-06
United Kingdom's Financial Conduct Authority reports 19,766 financial promotions withdrawn or amended in 2024 after its intervention
The Financial Conduct Authority reported a 97.5% increase in amended or withdrawn financial promotions in 2024, totaling 19,766 interventions, due to intensified action against misleading and illegal promotions. Key concerns included cryptoasset, debt solutions, and claims management company promotions, with 9,197 CMC promotions withdrawn following action against 46 firms. The FCA emphasized the need for social media platforms to prevent illegal promotions and highlighted targeted actions against "finfluencers," resulting in 20 interviews under caution.