Fresh guide to social media ‘finfluencers’, efforts to improve information about savings rates, and figures to measure the regulator’s own performance were among the highlights of last week’s FCA activity.
Enforcement
The FCA and the Information Commissioner’s Office wrote to UK Finance and the Building Societies Association to clarify how customers should be informed of the best savings rates available.
Notice that MCE Insurance Limited has been placed into administration was issued.
Criminal proceedings against Daniel Pugh were begun for breaches of the Financial Services and Markets Act 2000. Pugh is alleged to have defrauded investors out of £1.3m ($1.67m).
Financial Services and Markets Act 2000 S19
Financial Services and Markets Act 2000 S21
Rules and Consultations
The FCA’s permanent Digital Sandbox will be launched on August 1.
Publications
New social media guidance has been issued to modernise the information firms use when promoting financial products or services online. And the regulator has teamed up with the Advertising Standards Authority to produce an infographic to “help educate consumers and influencers” about the promotion of financial products. New advertising rules for crypto firms marketing to UK consumers will also come into force on October 8 2023.
Results of the FCA and Practitioner Panel 2022/23 survey were published. The FCA has pledged to address areas where feedback indicated it should be doing more.
Speeches and media
Action to stop 627 firms from operating in order to reduce harm caused to consumers and businesses has been taken by the FCA in the past year, up 30% year on year. The figure comes from the regulator’s annual report and accounts. Performance statistics from the first year of the FCA’s three-year strategy were also published.