The FSA has advised financial groups to withdraw or amend significantly more promotions in the past two years as part of a clamp-down on misleading advertising.
After receiving inquiries from the FSA, City insurers, financial advisers and banks withdrew 262 promotions in 2010. This was up 32% from 199 in 2009, according to a freedom of information request by City law firm Reynolds Porter Chamberlain The increase continued in the first quarter of 2011, with 66 withdrawn promotions, compared to 50 for the same period in 2010, the Financial Times reports. "They have certainly stepped up their activity over the last few years. It is clear the FSA is becoming a more intrusive regulator and it wants to intervene earlier," said Jonathan Davies, an R...
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