The FCA has proposed a series of new rules to tackle illegal, unfair or misleading financial marketing.
How will this affect you and your organisation?
On 20 July 2022, HM Treasury introduced the Financial Services and Markets Bill to Parliament, including provisions to amend 2000’s FSMA to create the regulatory gateway for approvers of financial promotions.
The Treasury envisioned that this gateway would lead to several improvements to the regulatory framework in this area, including enhanced oversight of the approval market by the FCA and an improved standard of approvals.
As a result, on December 6, 2022, the FCA launched a Consultation Paper (CP22/27: Introducing a gateway for firms who approve financial promotions) proposing several new measures to enhance consumer protection and ensure that the regulator can act quickly to stop harmful financial promotions communicated by unauthorised firms, including companies operating in the areas of high-risk investments and Buy Now Pay Later.
In light of these developments, Complyport, the London Governance and Compliance Academy (LGCA), and the Association of Governance, Risk and Compliance (AGRC) organised a webinar to provide you with a breakdown of this FCA proposal and what you need to know to better prepare for these changes.
Please find a recording of our webinar available below for you to watch.
This hour-long webinar focused on the following topics:
- The new scope of the proposed FCA measures
- The specific changes to the current rules that allow authorised firms to approve financial promotions on behalf of other firms who are not authorised
- Screening checks for authorised firms before they are allowed to approve financial promotions
- Greater oversight and powers afforded to the FCA to stop potential harm from financial promotions before they materialise
- Reporting obligations for firms on financial promotions they have approved
- And more!
This webinar is ideal for:
- Authorised persons communicating financial promotions
- Firms operating in the cryptoasset market
- Applicants and prospective applicants for authorisation who may wish to approve financial promotions for unauthorised persons
- Unauthorised persons that get their financial promotions approved by authorised persons
How can Complyport help?
If this article has raised any questions about the upcoming changes to financial promotions, or you think your firm may require assistance, please contact Jan Hagen via jan.hagen@complyport.co.uk to book a free consultation.
About Complyport
Complyport is a market leading consulting firm supporting the UK financial services industry for over 20 years. We specialise in providing Governance, Risk and Compliance services to support the regulated financial services industry to raise standards and thrive.
Complyport advises and assists firms to become authorised and to comply with the rules and requirements of regulators on an ongoing basis. Our vision is to be there for our clients every step of the way, helping them change, grow, and excel through expertise, insight, and innovation, and in so doing to become our clients’ most valued supplier and trusted advisor. We have successfully assisted over 1000 firms to become authorised with the FCA and EU and are providing regulatory support to over 600 regulated firms on an ongoing basis globally. With presence in the UK and EU, as well as via our Associates Network, Complyport can assist firms across multiple jurisdictions.
We specialise in supporting the UK financial services industry with compliance guidance, advice and best practice including support with:
- Financial Promotions guidance, support, and management software solutions
- Prudential support, IFPR, ICARA and financial resilience advice
- Operational resilience & Cybersecurity advice
- CASS advice and protections of client assets
- Comprehensive compliance work-flow management software
- Compliance managed services and resourcing compliance personnel
- Financial Crime and Forensics
- Consumer Duty implementation advice
- Skilled Person Reviews and Regulatory Investigation
Contact our Head of Regulatory Business Solutions, Jan Hagen via email at: jan.hagen@complyport.co.uk to book a free consultation.
