This overview is a guide to the Financial Services content within the financial promotion subtopic, with links to the appropriate materials. It also looks at some of the main issues affecting credit unions and credit ratings agencies. This section explains the restrictions on financial promotions and will be useful for those who need to know whether their communications are subject to the financial promotion regime.
The financial promotion regime is rooted in section 21 of the Financial Services and Markets Act 2000 (FSMA 2000) and is made up of the following key elements:
requirements under the FCA’s Conduct of Business sourcebook (COBS 4 rules)
exemptions under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, SI 2005/1529 (Financial Promotion Order or FPO)
promotion of unregulated collective investment schemes (UCIS) (FSMA 2000, s 238), and
the FCA's Perimeter Guidance Manual (PERG 8 guidance)
It is helpful to consider the following questions when determining whether the financial promotion restriction will apply:
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