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PIMFA welcomes FCA’s move to strengthen financial promotions rules to protect consumers

PIMFA

PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, today welcomes FCA’s move to strengthen financial promotions rules to protect consumers.

Simon Harrington, Senior Policy Adviser at PIMFA commented:

“This is an important, thoughtful and hopefully impactful intervention from the FCA. Given the limits of the regulatory perimeter, it is absolutely vital that they, firms and consumers are able to draw comfort from a fit for purpose regime for the approval of financial promotions. Whilst we welcome the majority of these proposals, we are particularly happy to see increased focus on the appropriateness of the firm approving promotions as well as assessments of their ongoing suitability.

“Whilst we have been largely supportive of the FCA’s ongoing work on this issue and recognise its wide benefit, we do believe that it is important to state that whilst high risk investments are by their nature ‘risky’ they are not necessarily bad investments. There is a clear role for them and to that end, the clear focus on the consumer journey and tested positive frictions are particularly welcome.”

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