FCA uncovers widespread financial promotions failings

The regulator reviewed 1,500 financial promotions for consumer credit products and said it opened 227 cases about non-compliant promotions for products such as payday loans, debt management services and credit brokers. It said a predominant problem was firms' failure to display a suitable risk warning or representative APR in advertisements of high-cost short-term credit. The vast majority (80%) of problems occurred in digital media, such as websites, emails and text messages, it said. The FCA said firms "responded positively" when contacted and were quick to make the required chan...