FCA says firms must do more to ensure financial promotions do not mislead – Financial

[Legal Beagles]

Since 1 April, the FCA has reviewed over 1,500 financial promotions for consumer credit products. The rules state that all promotions must be clear, fair and not misleading for consumers.In the same period, the FCA has opened 227 cases about non-compliant promotions for products such as payday loans, debt management services and credit brokers. A […]

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[Fred]

Re: FCA says firms must do more to ensure financial promotions do not mislead – Finan

Quote;

Clive Adamson, director of supervision at the FCA, said:“It is important that all firms ensure financial promotions are fair, clear and not misleading so that customers are able to make informed decisions. We are disappointed to see standards fall short of what we expect, particularly in the consumer credit space, four months from when we took over regulation.

The FCA acts on complaints received from the public, the Advertising Standards Authority and other organisations.
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Yet some licensed organisations can still do as they please because that was the OFTs responsibility in the past, what about the next 15 years ?

They may act on complaints sure but some of the biggest life changing issues put to them are so far unresolved & remain unanswered.

They need to move on serious issues as well as tit for tat promotions, I do not see much evidence on this at all, I would like to see some real evidence they are better than the OFT please.