The Financial Conduct Authority (FCA) has publicly censured Equity for Growth (Securities) (EFG) for approving misleading financial promotions relating to mini bonds.
The regulator said EFG approved financial promotions relating to mini bonds that were "unfair, unclear and misleading" because they failed to disclose the substantial commission fees charged by the firm's appointed representatives and other introducers for marketing the investments. The promotions also did not inform investors that these commissions would be deducted directly from their investment, the FCA found, meaning customers were unable to make fully informed decisions before investing. The censure follows the High Court's decision on 25 March 2026 to wind up insolvent EFG after...
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