FSA authorised firms that issue financial promotions (which do not fall within the terms of an exemption) are required to comply with the FSA conduct of business rules relating to financial promotions. These rules provide that prominence of certain information is an important consideration for whether a financial promotion is “clear, fair and not misleading”. The FSA identified different approaches adopted by many firms as part of its financial promotion monitoring and is consulting on guidance relating to how firms should interpret the prominence requirement in the FSA rules.
The FSA guidance provides that prominence can be defined as “the state of being easily seen” and “likely to attract attention, for instance, by virtue of its size or position”. The FSA also identifies a number of features that firms must consider for prominence when producing financial promotions such as interest rates, fees, relevant risk statements and other key product information. The draft guidance also includes a number of examples of good and poor practices. The FSA has asked for any comments by 5 August 2011.