The new financial promotions regime – the timeliney
Under current legislation, any firm that wishes to communicate a financial promotion must have that promotion approved by an authorised firm (unless exempt). This sounds sensible, but the FCA is concerned. In recent years it has found that this step has not been enough to protect consumers and the Financial Services and Markets Act 2023 has given it the right to create additional safeguards.
As we have written in our Pep Publications before, this means the introduction of a regulatory gateway through which authorised firms must pass before they can approve the financial promotions of unauthorised firms.
But what is the timing for this?