In April, the FCA set out a new three-year strategy designed to improve outcomes for consumers and markets.
The strategy focuses on 3 areas – reducing and preventing serious harm, setting and testing higher standards, and promoting competition and positive change.
In response to its new strategy, the FCA has removed or amended over 8,000 potentially misleading adverts in 2022 – 14 times more than 2021. It has also cancelled the authorisation of 201 firms for failing to meet minimum standards. This action reflects the FCA’s increasingly data-led and assertive approach, which enables the regulator to find and deal with problem firms and misleading adverts swiftly.
Nikhil Rathi, Chief Executive of the FCA, said:
‘This has been a difficult year for many people who have been struggling with the cost of living. So it is all the more important that financial companies meet our standards and treat their customers fairly, particularly those who are facing financial difficulties.
‘As well as protecting consumers and supporting the vulnerable, we have been dealing with unprecedented market events and reviewing our rules to ensure our regulatory regime is fit for the future. We are working on reforms to the way companies are listed in the UK, which will support growth and competitiveness and continue to support innovative and fast-growing companies…
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