Q&As

What changes were made to the financial promotion regime by the Financial Services Act 2012?

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Published on LexisPSL on 01/07/2018

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • What changes were made to the financial promotion regime by the Financial Services Act 2012?
  • What provisions of FSA 2012 are relevant to this issue?
  • What provisions of FSMA 2000 were amended?
  • FCA—financial promotions
  • Financial Promotions: consultation papers and regulator materials
  • FCA Handbook provisions relating to financial promotions

What changes were made to the financial promotion regime by the Financial Services Act 2012?

This is an introduction to the restrictions on financial promotion which came into effect following the entry into force of the Financial Services Act 2012 (FSA 2012) on 1 April 2013. FSA 2012 made amendments to the restrictions on financial promotion, found in section 21 of the Financial Services and Markets Act 2000 (FSMA 2000) and related materials, such as the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, SI 2005/1529 (the Financial Promotions Order), as amended.

What provisions of FSA 2012 are relevant to this issue?

  1. FSA 2012, s 24 inserted FSMA 2000, Pt 9A (Rules and guidance), in substitution for FSMA 2000, ss 138–164:

    1. FSMA 2000, s 137R is headed 'Financial promotion rules'.

    2. FSMA 2000, s 137S is headed 'Financial promotion rules: directions given by Financial Conduct Authority (FCA)'.

  2. FSA 2012, s 48(1)(e) amended the definition of 'financial promotion rules' in FSMA 2000, s 417 (definitions) by substituting s 145 with s 137R.

What provisions of FSMA 2000 were amended?

FSMA 2000, Pt 9A (Rules and guidance) was inserted by FSA 2012, s 24 in substitution for FSMA 2000, ss 138–164:

  1. FSMA 2000, s 137R is headed 'Financial promotion rules':

    1. FSMA 2000, s 137R(1) states: 'The FCA may make rules applying to authorised persons about the communication by them,

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