The UK's Financial Conduct Authority (FCA) has published the latest data on financial promotions for the period from 1 April 2023 to 30 June 2023.。

In the second quarter of 2023, the FCA reviewed 301 financial promotions from multiple sources.。After the FCA intervention, a total of 1,507 promotions were modified / withdrawn in the second quarter.。Retail investment and retail lending were the most modified / withdrawn sectors, accounting for 70 per cent of FCA interventions with authorised firms, with the most common breaches involving debt advisory firms and peer-to-peer lending platform firms.。

In the second quarter of 2023, the FCA received 6,387 reports of potentially unauthorized business.。

The regulator issued 400 warnings against unauthorized companies and individuals, 11% of which were related to cloning scams, with scammers using details such as the names and addresses of authorized companies and individuals and "company registration numbers" (FRNs) to indicate their authenticity, many of which involved violating online financial promotion restrictions.。As a result, the FCA has requested that these sites be shut down.。

On July 31, the new consumer tax went into effect on new products and existing products and services that are open for sale or renewal.。The tariffs are a major shift by the FCA to set higher standards for customers "financial services through new consumer principles that require companies to take action and serve retail customers well.。

The FCA rules require companies to consider the needs, characteristics and objectives of their customers and how they behave at every stage of the service, a move that will allow regulators to continue to raise industry standards.。