8583 Ad Campaigns Rejected by FCA in 2022, as Push for Appropriate Regulations Continue

8583 Ad Campaigns Rejected by FCA in 2022, as Push for Appropriate Regulations Continue

The FCA, one of the most prominent regulators around, released an official report in which it reveals that during 2022 it had rejected 8582 financial ads or promotions on the pretext of risk, and in so doing proceeded to remove them. This is a huge leap from 2021, with a  1400 percent spike when compared to that years numbers- 573. Moreover, the FCA revealed that last year it posted some 1800 scam warnings.

The FCA also noted that it had worked with big technology companies last year in order to curb ill-advised or downright prohibited ads and promotional campaigns. The regulator explained that the goal is to allow for fin promotions that are approved by both the regulator and the firms themselves.

Another predicament tackled by the FCA are the so-called fin-fluencers, or social media crypto or fin services promoters that work on a very loose basis, much of the times exhibiting unregulated promotional behavior.

Moreover, the FCA affirmed that it plans to introduce the ‘Consumer Duty’ plan later this year in July. These new set of regulations will aim at improving the behavior of consumers so as to avoid misleading add.

Currently, only FCA-licensed companies can authorizes in financial ad campaigns of third party firms, even those not authorized by the FCA. However, this has lead to some abuse in the past. That’s why Parliament drafted a policy that will call for all FCA firms to undergo new and enhanced steps for better and risk-free promotions.

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