2 half-days with case study examples – this course can be adapted to different types of business
1: Introduction
Welcome and objectives
Promotions beyond the FCA rules – Codes of Advertising Practice, law, good taste
FG24/1
2. Did we issue a promotion?
What is a financial promotion and the extent to which it matters?
Non-promotional communications and image adverts
Some exemptions from parts of the rulebook in the Financial Promotions Order – communications to press and investment professionals
The effect of rule breaches – punishments in FSMA for breaching the rules
3: The Rulebooks
Finding the key rules for promotions
BCOBS, MCOB, ICOBS, CONC, COBS
The FCA Principles relevant to promotions
What do the conduct of business rules apply to?
Clear, fair and not misleading in the conduct of business sourcebooks and the ASA Codes
The Consumer Duty – PRIN 2A
FCA and ASA approaches to clear, fair and not misleading
Risk disclosure
Rules for restricted and non-mass-market investments (where relevant)
Special COBS 22 rules on contracts for differences (where relevant)
Disclosure of any security for loans or specific mortgages and scarcity of availability of credit
Prominence & font-size rule
Rule against unfair comparisons
BSA/BBA Guidelines – bank accounts (where relevant)
Direct offer rules for savings accounts (where relevant)
Rules and guidance on specified expressions
Tax
Making promotions identifiable as such
Giving the name of the firm
Naming the regulator and compensation scheme
Past, simulated and future performance – only for investments
4. Mainstream issues in Digital media and promotions
Social media
Pay-per-click and other sponsored links
Websites
Unsolicited e-mail (where relevant)
Disclosing how to complain
5. Systems and controls
Risk Management and three lines of defence
Role of compliance
Approval of promotions for others
Record-keeping