FCA Warns All Firms On Non Regulated Products

The Financial Conduct Authority (FCA) has warned all firms using financial promotions that are not regulated by them or the Prudential Regulation Authority (PRA) and not making it clear that those specific products or services are not regulated and therefore not protected unlike normal UK regulated pensions and investments.

The FCA issued an open letter on its website reminding all regulated financial services firm CEO’s of their duties relating to the use of such promotions.

Executive Director of Supervision of the (FCA) Jonathan Davidson said “They will not tolerate companies advertising products that are not regulated by them and urge customers to ask and make sure such products are regulated by the FCA.

The FCA is asking firms to read the letter and understand the rules, that such advertising will be banned if they do not comply with advertising standards and conducts of business rules.