- FCA firms up rules for firms that approve financial promotions.
- Approvers should prepare applications as soon as possible.
The Financial Conduct Authority has released near-final rules on the financial promotions gateway. Under the gateway, authorised firms must have specific permission from the FCA to approve financial promotions. The gateway applies from 7 February 2024.
Authorised persons that want to continue approving financial promotions must apply for a variation of permission. The application window opens on 6 November 2023. Those that apply before 6 February 2024 will benefit from transitional provisions, allowing them to continue approving promotions until the FCA decides their application.
Our latest briefing note on the FCA’s policy statement summarises the exemptions to the gateway requirement, the FCA’s reporting rules and the regime’s interaction with the Consumer Duty.
- Read our briefing: Financial promotions gateway to open its doors
Ahead of the 6 November starting pistol, all firms which currently approve financial promotions should urgently consider whether these promotions fall into one of the available exemptions and, if not, decide whether they wish to apply to the FCA for permission to continue as an approver after 7 February 2024.