E-Learning Login
Compliance Portal
February 7, 2025
The FCA has published its Q4 2024 financial promotions data, and analysis and insights in relation to its 2024 financial promotions data, along with a commentary web page. The FCA has highlighted concerns with cryptoasset, debt solutions, and claims management company (CMC) promotions. 9,197 CMC promotions were withdrawn in 2024. Many of these promotions were related to housing disrepair and motor finance claims targeted at vulnerable consumers.
- A total of 19,766 financial promotions were amended or withdrawn in 2024, a 97.5% increase compared to 2023.
- The FCA’s action resulted in the withdrawal of promotions from 46 authorised CMC firms, affecting 9,197 promotions.
- 20 finfluencers were interviewed under caution in 2024 following illegal financial promotions on social media.
- The FCA has ‘accepted’ voluntary requirement requests from 18 firms, and has used its ‘own initiative’ powers on two firms to restrict their ability to communicate or approve financial promotions.
- For unauthorised firms and individuals, the FCA issued 2,240 alerts in 2024. Whilst this is a decrease of 2% from 2,286 in 2023, the alerts remain high compared to historic levels.
- The FCA has used data and technology to increase its capacity to identify and assess around 480,000 new websites that could be providing or promoting financial services or products without permission. This resulted in reviews of just over 3,700 websites and social media platforms and led to over 1,600 alerts to warn UK consumers about these unauthorised firms.
- The Q4 2024 data sets out examples of FCA interventions and actions, in effect setting out what the firms in the examples had got wrong.
- Only 6% of financial promotions cases in Q4 2024 related to general insurance and protection.
