The UK Financial Conduct Authority (FCA) has published the financial promotions data for the third quarter of 2024.
The data was collected between 1 July 2024 and 30 September 2024 from FCA actions against firms breaching financial promotion rules, and referrals and investigations into unregulated activity.
FCA interventions in Q3 2024 resulted in 10,593 promotions being amended or withdrawn by authorised firms. This includes one firm who withdrew 6,792 promotions, many of which were historical promotions withdrawn as a precaution.
The regulator issued 552 alerts on unauthorised firms and individuals, 12% of these were clone scams.
The cryptoasset financial promotions regime came into force on 8 October 2023 and has now been live for a year. Over the last year the FCA has issued 1,702 consumer alerts about illegal crypto promotions and its actions have resulted in the take down of over 900 scam crypto websites and the removal of 56 apps from UK apps stores.
The FCA stresses that it is actively engaging with firms who appear to be providing and advertising unauthorised debt advice and debt solutions to consumers via online promotions. The FCA continues to observe trends of aggressive sponsored promotions placed by unauthorised firms, particularly through TikTok and paid-for Google advertisements.
The regulator says it remains committed to using its powers to work with and take appropriate action against unauthorised firms to prevent serious harm to consumers in this area.
