29 April 2021
PIMFA welcomes proposals set out by the FCA to strengthen financial promotion rules for high-risk investments
PIMFA, the trade association for wealth management, investment services and the investment and financial advice industry, has welcomed proposals from the Financial Conduct Authority (FCA) to strengthen rules around financial promotions for high-risk investment products.
Simon Harrington, Senior Policy Adviser at PIMFA commented: “We welcome this latest intervention from the FCA on strengthening financial promotion rules. The FCA is right that high risk investments carry a higher risk of consumers losing money and for many mass market consumers, they will be inappropriate.
“This discussion paper shows that the FCA is serious about reducing consumer harm by addressing the drivers proactively before it has been allowed to develop within the market.
“We believe that these interventions, in partnership with the approval of these promotions being a regulated activity will go a long way towards ensuring mass market consumers are well protected and able to transact with confidence in a thriving consumer investment market.”
Notes for Editors:
About PIMFA – the Personal Investment Management & Financial Advice Association
- PIMFA is the trade association for firms that provide investment management, investment services and advice to everyone from individuals and families to charities, pension funds, trusts and companies.
- The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
- PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families, to charities and pension funds, all the way to trusts and companies. Associate members provide professional services to the PIMFA community.
- PIMFA leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
- PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision the FSCS levy – read more.
- PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
- Further information can be found at pimfa.co.uk
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