Financial Promotions in a More Principles-Based Regime

Felix Thomson

Content Executive

The Financial Services Forum

Sarah Wilson, director responsible for the FSA’s TCF initiative, spoke at the recent FSA Financial Promotions conference on 20th June 2007, giving an important insight into the regulator’s approach to financial advertising and promotions.
It is our view that an exciting and challenging time lies ahead for everyone involved in designing and developing financial promotions. The new COBS rules for investment promotions, published on 31st May 2007, reflect our commitment to more principles based regulation and present a fantastic opportunity for the industry as a whole to see how the focus on principles and high level rules will apply in practice. Gone are the detailed rules that prescribed the processes for producing such promotions. Instead a series of high level rules refocuses regulation on the outcome we are seeking to achieve – advertising and promotions that are fair, clear and not misleading. I’d like to bring to your attention a number of initiatives that reflect how our approach to financial promotions is changing under more principles-based regulation, and to reinforce some recurrent but important messages about the challenge this presents for firms. I hope that my comments will give you a clearer idea of how financial promotions fit into the wider agendas of more principles-based regulation, and the Treating Customers Fairly initiative, and of what we expect from you, what you need to do and what we are doing to help you get there.
For the full article download the above PDF. 

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