FCA tells CMCs to raise advertising standards

The FCA has conducted a review of financial promotions issued by CMCs.

CMCs are required to provide information to consumers that is fair, clear and not misleading under rules that were introduced in April. The rules include requirements to ensure that CMCs identify themselves and tell customers whether their claim can be made through a free route, such as a statutory ombudsman.

In their review, the FCA found bad practice in the industry and are reminding firms of the requirements under CMCOB. The FCA has stated that it will not hesitate to take action where they “consider that customers are being misled or otherwise treated unfairly by poor advertising”.