On October 11, the UK Financial Conduct Authority (FCA) published a feedback statement (Statement) on smarter consumer communications. The Statement follows a discussion paper on smarter consumer communications published by the FCA in June 2015, and a further consultation paper published by the FCA in October 2015.
The Statement is divided into five chapters, covering smarter approaches to consumer communications (including examples of communications in financial services, what “good disclosure” constitutes for consumers and digital communications, among others), a summary of feedback received on the FCA’s previous consultations, a summary of feedback received on disclosure rules in the FCA’s Handbook, and the FCA’s planned next steps.
While the Statement focuses on communications with consumers (i.e., natural persons acting for purposes outside their trade, business or profession), the FCA regulated firms operating in the wholesale sector (i.e., firms with professional clients and eligible counterparties) would be advised to take the principles in the Statement into account for their own financial promotions in the United Kingdom (particularly with respect to the use of social media and the Internet).
The Statement is available here.