The FCA wants new screening checks to ensure firms demonstrate they have the right expertise before approving financial promotions Tougher measures to stamp out unfair or misleading financial marketing have been proposed by the City regulator after sharp rises in online marketing. wants new screening checks to ensure firms demonstrate they have the right expertise before approving financial promotions.
Proposed Parliamentary changes in the Financial Services and Markets Bill, which is before MPs, will require authorised firms to undergo fresh checks before they can approve financial promotions, giving the FCA greater powers to stop harm. Firms will have to report back on approved promotions. The proposals will ensure the FCA can act quickly to stop harmful financial promotions by unauthorised firms, including in areas such as high-risk investments andThe FCA said consumers are investing in high-risk products beyond their risk tolerance, due to poor quality approved financial promotions.