Financial Promotions remain a very high-profile issue for the FCA. Based on client feedback, they are increasingly combining this with reviews of complaints handling procedures to ensure a joined-up process when it comes to marketing financial products to retail clients. Complaints are seen by the regulator as feedback from the client that something is wrong. Any lessons learned as a result must be fed through to the financial promotions team.
Financial promotions are how customers are persuaded to buy, invest or use regulated financial products. For retail clients, it is important to remember the FCA guidance. The firm promoting the regulated product or service knows all about the product, its suitability, its strengths and weaknesses and whether it meets the needs of the applicant. The applicant/client does not have this knowledge (normally!) and it is entirely reasonable for the FCA to expect all regulated firms to recognise this imbalance and manage it accordingly.
Increasingly, social media and the internet are becoming key marketing platforms. But promotion can be in almost any form via any media. All promotions must be clear, fair, and not misleading, and in many cases, this means exercising judgement. Since the FCA took over consumer finance, the list of products, investments and services that are now regulated by the FCA financial promotions rules is wider than ever. The FCA expects all financial promotions for regulated activities to provide the prospective client with the information needed to make a clear and balanced judgement.
Our financial promotions training course provides participants with a comprehensive overview of the FCA approach and how it applies in practice. We cover the handling of complaints briefly in the context of the expected impact on promotions. We look at new media, prominence, and image advertising, as well as good and bad practices, including exceptions to the rules. There are examples of good and bad practices and the course points out some common pitfalls to be avoided.
Please Note: if requested in advance there is the option to add some specialised modules such as MCOB 3/ Funeral Plans / Claim Handling / Leveraged Products. Motor Finance/Funeral Plans etc.