Financial promotions can be defined as
…any invitation or inducement to engage in investment activity, communicated by a person in the course of business…
No matter how inconvenient you believe this to be, FCA rules mandate that all promotions are approved in advance. Luckily for you, there is software to help you do exactly this.
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TEN THOUSAND PROMOTIONS CHECKED IN TEN YEARS
If you are in any doubt – this is a very popular section of BAT Software alone that has helped check over ten thousand promotions over the last decade using this tool! Not only does the tool check and record the results, feedback approval or otherwise, but also keeps a register for the FCA.
The Dame Elizabeth Hale report into the FCA’s working highlighted promotions as a key weakness, and since then FCA activity has ramped up. See here for more information – https://assets.publishing.service.gov.uk/media/5fda3d698fa8f54d60878b2f/Gloster_Report_FINAL.pdf
A simple wordsearch of this document shows that FINANCIAL PROMOTIONS was mentioned 714 times. You do not need a PHD to understand that financial promotions are high risk, and social media posts, because of these restrictions are the sniper-alley of the retail financial services field.
BAT allows your compliance dept to check these activities and store the information securely. Have your compliance dept to check the financial promotions before they are issued, in real time and keep the associated documents and sign off papers.
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