FSA has published the results of an independent review of financial promotions compliance. The review looked at a sample of press, magazine and website promotions in three tranches. Overall, the review found a good level of compliance, with no concerns about specific products. Its criticisms were:
- some promotions were not properly balanced;
- some promotions did not adequately explain the risk by omitting important exclusions; and
- using past performance and similar information can make promotions misleading.
FSA stressed it expects promotions to be “stand-alone” compliant and not rely on subsequent promotions or pre-sale checks to complete compliance.