The Financial Promotions Training Course

£550.00 +VAT

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Financial Promotions Course Overview:

This one day Financial Promotions Course provides participants with a comprehensive overview of the FCA approach and how it applies in practice. It considers new media, prominence, image advertising, as well as good and bad practice in relation to financial promotions, including exceptions to the rules. Finally it and points out some common pitfalls to be avoided.

Financial Promotions matter because they are the means by which customers are persuaded to buy, invest or use financial products.

A promotion can be in almost any form via any media. The list of products, investments and services that are now regulated by the Financial Promotions rules is wider than ever since the FCA took over consumer finance.

The FCA expect all Financial Promotions for regulated activities to be clear, fair and not misleading and to provide the prospective client with the information needed to make a clear and balanced judgement. The FCA has stated that in its view regulated firms have “the power” because they understand their products fully whereas many of their clients may not. As such it is the responsibility of the regulated firm to explain their products fully in order to comply with the fair, clear and not misleading requirements.

Learning is supplemented by FCA case studies and discussion of the FCA approach generally, both of which are designed to cement learning and explore some complex and subtle issues in a meaningful way.

This Financial Promotions Course can also be presented in-house via live webinar.

Financial Promotions Course Objectives:

Participants Will:

  • Get to grips with the background of the regime
  • Learn about what a financial promotion is
  • Gain an understanding of CONC 3 and MCOB 3A
  • Explore the “rules” of financial promotions and exceptions
  • Master FCA regulation of financial promotions
  • Expand the understanding of record keeping including time periods, recording communications and FP records requirements
  • Learn about financial promotions using new media
  • Gain an insight into prominence and financial promotions looking at the thematic review

Background of the trainer:

Your course director has spent more than 40 years in the banking and financial sector, much of it in a senior managerial/Director role. He is a former Institute of Banking Lecturer, having gained distinctions in the exams. He is a subject matter aspect on all aspects of retail, corporate and global banking, including risk management and regulatory compliance. He has lectured extensively to both leading global financial institutions and to smaller bespoke specialists. He has delivered extensive programmes in all parts of the world including the USA, Europe, MENA, Africa and Hong Kong. He is currently an accredited Master Trainer at the world’s biggest global bank.   

Financial Promotions Course Content:

Background to the Regime

  • Financial Services & Markets Act 2000, s.21 – Application and Scope
  • The Financial Promotions Order 2005, PERG 8
  • The FCA’s Statutory Objectives.
  • Principles Based Regulation
  • Treating Customers Fairly
  • Principles for Business
  • Clear, fair & not misleading
  • What is a Financial Promotion

What is a Financial Promotion?

  • Definition
  • Regulated activities
  • What is “Investment Activity”
  • Media Types – no boundaries – any can be used
  • Types of financial Promotion
  • Key Issues to Understand

Exercise: Consider a couple of TV adverts to determine how they may miss the spirit of the rules 

CONC 3

  • Definition
  • Application
  • Image Exceptions
  • Detailed provisions
  • Risk warnings

Exercise: Considering an example

MCOB 3A

  • Definition
  • Application
  • Detailed provisions
  • Representative Examples

Exercise: Considering an example 

The “Rules”

  • How the FCA Regulates
  • Who is affected
  • Eligible counterparties
  • Scope and application of rule: retail and non retail financial promotions.
  • Fair, clear and not misleading communications
  • Fair, clear and not misleading financial promotions
  • Retail clients
  • Past, Simulated & Future Performance Data
  • Direct Offers
  • Cold Calling
  • Approving Financial Promotions

Exercise: Considering an example

Exceptions to the Rules

  • Authorised firms – MiFID and non-MiFID Business
  • Promotions to high net worth individuals
  • Promotions to sophisticated investors
  • Unregulated Collective Investment Schemes

FCA Regulation of Financial Promotions

  • Methodology
  • Reviewing, investigating, assessing
  • What to expect on a FCA visit
  • FCA’s approach to non compliant promotions
  • Thematic Reviews
  • Financial Promotions Using New Media
  • Website Promotions
  • Putting together a Financial Promotion
  • Common Problems with FP’s
  • Financial Promotions “Check lists”

Record Keeping

  • Recording communications
  • Time periods
  • FP records requirements

Financial Promotions Using New Media

  • FCA View
  • Definitions – Facebook, Twitter, Web, Blogs, Phone Applications
  • Web Based
  • Sponsored Links
  • Image Advertising
  • Approval Process for new Media
  • Going Forward

Exercise: Considering an example 

Prominence & Financial Promotions

  • Thematic Review
  • Digital Adverts
  • Space issues. Image advert or Financial Promotion
  • The Customer “journey”
  • Recommended “default positions”

Exercise: FCA Case Studies on Financial Promotion

What Redcliffe’s clients are saying about the course; 

“I learnt enough to assist in my current requirements”

“Covered a lot of ground and gave a good overview. Good interaction on Questions”

“Good overview of a very large topic”

“Good in-depth discussion and focal points on financial promotions. Gave everyone a solid understanding of the rules”

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Discounts

5-6 participants – 20% discount,7-8 participants – 25% discount,Over 9 participants – 30% discount

Select-your-course-date

11 October 2018