Advertising products and services in an increasingly crowded and competitive market is a challenge for many members. Firms are having to take a multi-channel approach to reach customers at the right time, in the right place with the right message.
However, the dangers of uncontrolled use of communication channels such as social media have become apparent in recent years resulting in huge lawsuits, and financial and reputational damage for inappropriate use.
With an increasing amount of activity it is important that firms comply with both the Financial Conduct Authority (FCA) rules for the different channels in which they advertise (which could involve up to five different sets of conduct of business rules), and comply with the Advertising Standards Authority (ASA) advice for “clear, fair and not misleading” content.
For the unconvinced, the FCA issued two Dear CEO letters on financial promotions in 2019, reminding readers of its powers and is itself facing an enquiry over how it regulates this area.
Firms must understand and be able to use to their advantage:
- the FCA rules and the ASA codes.
- the FCA digital media guidance; and
- the ordinary law and dictates of good taste
Firms also need to understand fully:
- their products and services without which clear, fair and not misleading communication is impossible.
- the communication methods they use;
- the way in which outsiders like regulators and the public view what they are saying; and
- where to find and how to apply the rules that apply to them.
With several do’s and don’ts to consider when putting a financial promotion together, many firms tend to shy away from them to avoid any repercussions. But sometimes word of mouth can’t solely be relied upon to market your business. This is where LS Consultancy can help. The first step is to create the financial promotion that you would like to publish then send it over for us to review it to ensure it’s compliant. We will then either send it back to you to make the changes yourself or with your permission, we’ll amend it for you, saving you the hassle.
Need some promotional advice? If you want to understand more about how to make sure your marketing materials meet FCA standards, please click here.
The Compliance workload shows no signs of decreasing. An ever-growing list of requirements and regulatory changes makes the compliance role harder than ever.
When you face business or regulatory challenges, we provide solutions that are tailor-made to your needs with a view to releasing your energies to focus on your clients.
LS Consultancy offer a complete solution with a range of cost effective, regulatory compliance and marketing products and solutions including copy advice and copy development which are uniquely suited to supporting firms.
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