On 12 September 2023 the FCA published policy statement PS23/13 - introducing a gateway for firms who approve financial promotions. This statement sets out the FCA’s near final policy position rules and guidance on the gateway which was by the government by means of the Financial Services and Markets Act 2023.
Once the gateway comes in to force all authorised persons wanting to continue to approve, or who intend to approve, financial promotions for unauthorised persons will need to apply to the FCA for permission to do so, although there are certain exemptions.
The Policy Statement covers:
How the FCA will assess applicants at the gateway and the basis for either granting or refusing applications.
Reporting requirements for firms that are granted permission to approve financial promotions.
Updated non-Handbook guidance for firms that approve financial promotions for investments.
A review of the current approach within 24 months of the new rules being implemented
Firms who want to submit applications for permission to approve financial promotions can do so from 6th November 2023 to 6th February 2024. From 7th February 2024 onwards any firm who has not applied during the initial application period will then have to cease approving financial promotions. Should a firm wish to apply for permission after 7th February 2024 onwards it can do so by submitting a variation of permission (VOP) in the normal way.
Authorised persons that apply during the initial application period will be able to continue approving promotions until their application has been determined.
Further information to help firms prepare their applications can be found on the following FCA webpage.
How we can help
We provide lots of support to firms in approving financial promotions, from reviewing their contents, being on hand to answer questions from Compliance, and providing training (including eLearning) to marketing and sales teams.