A lawyer who spent six years in the financial regulator's enforcement team has expressed doubts over his former employer's product promotions rules.
The Financial Conduct Authority's (FCA's) expectations may be "potentially unachievable" as the "bar is set too high", according to Pinsent Masons senior associate Michael Ruck. This week, the FCA announced it had uncovered widespread failings related to firms' financial promotions. The regulator's position is that all promotions must be "clear, fair and not misleading" as they may be consumers' main or only source of information they base their decisions on. But Ruck, who spent years as an advanced associate lawyer in the enforcement division of the Financial Services Authority, w...
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