Financial promotions must be fair, clear and not misleading (FCA COBS 4 and the Financial Promotions Regime). All regulated-activity adverts must be approved by an authorised person, carry risk warnings where relevant, and comply with Consumer Duty outcomes.
Core rules - **Fair, clear, not misleading:** every claim must be substantiated. - **Approved promotions:** regulated financial promotions must be signed off by an FCA-authorised approver. - **Consumer Duty:** four outcomes (products, price & value, understanding, support) apply to all retail marketing. - **Risk warnings:** investment and pension ads usually need capital-at-risk wording and past-performance caveats. - **Vulnerability:** target audiences must be considered, especially older demographics.
Practical implications 1. Every ad creative, landing page and lead magnet needs a compliance reviewer in the workflow. 2. Social-media posts from advisers are treated as financial promotions. 3. Testimonials and performance claims are heavily restricted. 4. Cold-calling on pensions remains banned; email outreach must comply with PECR/GDPR.
Reference FCA Handbook: https://www.handbook.fca.org.uk/handbook/COBS/4/