FCA letter on online financial promotions

The House of Commons Work and Pensions Committee published a letter from Nikhil Rathi, FCA CEO, on online financial promotions. The letter sets out:

• the FCA’s view of the size and nature of the problem of fraudulent financial promotions online;
• the relevant exemptions removed when the UK left the EU;
• the new powers the UK’s exit from the EU has granted the FCA to tackle online fraud;
• whether there are any such powers, or pre-existing powers, the FCA is not using because of a lack of resource, a lack of finalised regulations or legal ambiguity;
• current powers which would benefit from further clarity provided through legislation;
• the new powers the FCA would like to see included in the Online Safety Bill; and
• the latest figures from the FCA’s ScamSmart pension fraud campaign, which ran from 1 July 2020 to 30 September 2020.

Source: FCA