Financial Promotions for Banks, Building Societies & Consumer Credit Firms

Introduction

This bitesize session provides a practical overview of the financial promotions regime as it applies to banks, building societies and consumer credit firms promoting products to retail consumers; including savings and deposits, mortgages, consumer credit and mass-market investments. It maps the statutory perimeter under section 21 FSMA, works through the product-specific rulebooks (CONC, MCOB, BCOBS and COBS) and explains how the Consumer Duty raises the bar for how promotions are designed and tested. It closes with current areas of focus - social media promotions, the newly regulated Buy Now Pay Later market, and the approver gateway - and the consequences of getting promotions wrong.

This webinar is suitable for in-house compliance staff, together with marketing, sales and other customer-facing colleagues at banks, building societies and consumer credit firms.

What You Will Learn

This short webinar with cover the following:

• Recognise when a communication is a financial promotion and identify the statutory restriction and routes to compliance under section 21 FSMA
• Locate the relevant product rulebook (CONC, MCOB, BCOBS or COBS) for a given promotion and apply the common ‘clear, fair and not misleading’ standard
• Apply key content requirements:
  • Risk warnings
  • Representative APR triggers
  • Prominence and balance
• Explain how the Consumer Duty consumer understanding and fair value outcomes affect promotional content and sign-off
• Identify current areas of regulatory focus:
  • Social media
  • Buy Now Pay Later and the approver gateway
  • The consequences of non-compliance