FCA Drops New & Stronger Rules!

According to the press releases released on Tuesday (Dec. 6 2022), any business that has been granted FCA authorisation is currently able to approve financial promotions made on behalf of unlicensed businesses. In order to ensure that licenced entities properly approve promotional campaigns, Parliament made some changes to the law. These changes mandate that licenced entities go through a new assessment. The FCA seeks to lessen the detrimental effects of rogue advertising content's presence in public areas by increasing its oversight of it.

The Financial Conduct Authority (FCA) of the United Kingdom does not create law; rather, it only enforces it. However, the document highlights ongoing legislative efforts to bring both sectors under its regulatory purview.

The buy now, pay later (BNPL) loan providers, and crypto asset service providers are the targets of the proposals. Following a government review of the BNPL market, the Treasury recommended in June that BNPL lenders be subject to similar regulation to other lenders. The recommendations included giving the FCA authority to monitor the market and enforcing regulations to stop predatory behaviours like the use of deceptive advertising.

The U.K. government has decided to use the Financial Services and Markets Bill (FSMB) as the legislative vehicle to enact the new regulations for both BNPL and crypto advertisements.

With the proposed legal change, the FCA will be able to take action against ...Full article: https://www.wikifx.com/en/newsdetail/202212075684192320.html?source=emily