Ensuring Compliance with FCA Financial Promotion Requirements Key Internal Controls and Best Practices.pdf

This presentation provides an overview of the key requirements and internal controls necessary for complying with the Financial Conduct Authority (FCA) regulations on financial promotions. It covers the essential guidelines for creating clear, fair, and not misleading promotions, along with the approval process to ensure compliance. The presentation outlines the internal controls needed, such as establishing comprehensive policies, conducting staff training, and implementing robust review processes. Finally, it highlights how MEMA can assist firms in navigating these regulations with tailored solutions and expert guidance.

1. Introduction to FCA Financial
Promotions
Definition of Financial Promotions:
Advertisement, communication, or
material promoting financial products or
services.
Importance of Compliance: FCA's role in
regulating and ensuring clear, fair, and not
misleading promotions.
Purpose: Outline the internal controls
needed to comply with FCA guidelines.

2. Key
Requirements
for FCA Financial
Promotions
1 Clear, Fair, and Not Misleading:
Avoid omitting important information.
Use language and imagery that is easy to understand.
2 Accurate and Balanced Information:
Provide a clear picture of risks, benefits, fees, and charges.
3 Identification of Firm and Product:
Clearly identify the promoting firm and the product/service offered.

3. Approval Process for Financial
Promotions
1 Review Against Regulations:
Ensure compliance with FCA laws, principles for business,
and standards.
2 Suitability for Target Audience:
Assess if the promotion is appropriate based on the
audience's knowledge and experience.
3 Obtain Necessary Approvals:
Additional approvals for complex/high-risk products.
4 Monitoring and Review:
Continuously monitor and update promotions based on
feedback and effectiveness.

4. Essential Internal Controls for
Financial Promotions
1 Policies and Procedures:
Establish comprehensive guidelines for
creating and approving promotions.
2 Training and Education:
Regular training for staff on FCA regulations and
best practices.
3 Review and Approval Processes:
Implement multiple levels of review to ensure
compliance.
4 Monitoring and Reporting:
Track performance and compliance post-
release, addressing issues promptly.

5. Partnering with MEMA for FCA
Compliance
1 Expert Support:
Assistance with regulatory business plans, compliance
policies, and gap analysis.
2 Tailored Solutions:
Customized templates and remediation plans based on
specific business needs.
3 Contact Information:
How to reach MEMA for support and guidance on FCA
compliance.

6. CONTACT US
[email protected]
03301330811

Suite 1810, Unit 3a,34-35 Hatton Gardens, Holborn, EC1N 8DX
https://www.memaconsultants.com

7. Call Now.
+ 03301330811
Thank
You