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ARTICLE · 09 AUGUST 2022

FCA Reforms Rules For Financial Promotions

Herbert Smith Freehills Kramer LLP
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Following on from its January consultation paper, the FCA has published a policy statement and final rules (Rules) on reform to the UK's financial promotion rules.

United KingdomFinance and Banking
Marina Reason
Marina Reason
David Wormley
David Wormley

The FCA reforms the financial promotion rules for high-risk investments and for firms approving financial promotions

Following on from its January consultation paper, the FCA has published a policy statement and final rules (Rules) on reform to the UK's financial promotion rules.

Financial promotions - in the form of invitations or inducements to engage in certain controlled investment activities - can only be communicated within or into the UK by, or with the approval of, a UK-regulated firm unless an exemption applies. This rule is known as the "financial promotion restriction" and is set out in section 21 of the Financial Services and Markets Act 2000 (FSMA).

Financial promotions have been high on the regulator's priority list in recent years, with 4,226 promotions amended or withdrawn in the year to July 2022 following FCA intervention.

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