The BVRLA is reminding members of the need to be clear when referencing FCA-regulation in financial promotions, particularly when conducting a mixture of regulated and non-regulated business.
The Financial Conduct Authority (FCA) has issued a guidance letter having become aware that some FCA-regulated firms, who undertake both regulated and unregulated business, have issued financial promotions which suggest or imply that all activities which they undertake are regulated by the FCA and/or the PRA when, in fact, they are not.
The FCA is also reminding business leaders that it is unlawful for a person in the course of business to communicate a financial promotion unless they are an authorised person. The regulator also reiterates that all financial promotions must be fair, clear and not misleading, regardless of whether they are promoted in print, on websites or social media.
To assist with compliance, the BVRLA has produced a factsheet: Ensuring your financial promotions are FCA compliant
