FCA clamps down on marketing of cryptoassets

Includes a 24-hour cooling-off period for first time investors

Cristian Angeloni
clock • 4 min read

The Financial Conduct Authority (FCA) has introduced a stricter set of rules aimed at those marketing cryptoassets, after limiting the marketing of complex investment products to retail investors in recent years.

From 8 October 2023, those marketing cryptoassets to UK consumers will need to introduce a 24-hour cooling-off period for first-time investors. The changes also include making sure investors who buy cryptoassets understand the risks involved, and the banning of ‘refer a friend' bonuses. The FCA explained firms will need to ensure investors have the "appropriate knowledge and experience to invest in crypto"; and those promoting such products must have clear risk warnings in place and make sure adverts are "clear, fair and not misleading". The regulator's move follows government legi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Prime minister Rishi Sunak calls general election for 4 July

Prime minister Rishi Sunak calls general election for 4 July

'The question now is how and who do you trust'

Cristian Angeloni
clock 22 May 2024 • 1 min read
FCA regulation 'should be about more than how products are sold'

FCA regulation 'should be about more than how products are sold'

Chris Budd speaks to advisers at the IFW annual conference

Hope Coumbe
clock 21 May 2024 • 1 min read
Regulator has 'failed the people that want to invest'

Regulator has 'failed the people that want to invest'

Bella Caridade-Ferreira calls on the industry to offer targeted support

Sahar Nazir
clock 21 May 2024 • 1 min read