The Financial Conduct Authority (FCA) has revealed it intervened to amend or withdraw 4,151 financial promotions between 1 July and 30 September this year, the highest since it started publishing the data.
Retail lending (with 46%), retail investments (24%) and retail banking (24%) were the sectors with the highest rate of amends to or withdrawal of adverts and amount to 95% of the FCA's interventions with authorised firms, the regulator said. It pointed out that it had seen several cases involving unauthorised firms and individuals seeking to take advantage of the rising cost of living. During the period, the watchdog reviewed 340 promotions and issued 303 warnings about unauthorised firms and individuals, with over 20% being about clone scams. The FCA's data detailed various acti...
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