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Financial promotions face new approval ‘gateway’

Compliance Monitor

Financial promotions face new approval ‘gateway’

The Government proposes strengtheningoversight of financial promotions issued by unauthorised firms, by establishinga regulatory ‘gateway’ as well as bringing the promotion of certaincryptoassets under FCA remit. Charlotte Hill and Arnav Guptadiscuss the consultation papers.

On 20 July 2020, HM Treasury published twoconsultation papers with significant proposed changes to the regulatoryframework for financial promotions. The consultations are: (1) ‘RegulatoryFramework for Approval of Financial Promotions’ [1] and (2) ‘Cryptoassetpromotions’ [2]. The consultations proposeincreasing the oversight of financial promotions issued by unauthorised firmsby establishing a regulatory ‘gateway’and bringing the promotion of certain types of cryptoassets under FinancialConduct Authority regulation, respectively. The proposals are intended toenhance consumer protection as Mr John Glen, Economic Secretary to the Treasuryand City Minister, recently noted: “it’s important that people can understandthe financial products they see promoted. If adverts by unauthorised firms aremisleading, or don’t fully outline the risks, then people can end up losingmoney.” [3]

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