FSA sharpens teeth in advance of new powers of intervention
More financial services businesses are being forced to amend or withdraw advertising material following intervention by the Financial Services Authority (FSA) as it clamps down on misleading adverts, Reynolds Porter Chamberlain (RPC) has claimed.
According to the law firm, the number of financial promotions withdrawn or amended by regulated firms jumped 32% in 2010 to 262, up from 199 in 2009.
RPC added that the number has continued to increase this year. It stated that 66 promotions were withdrawn or amended in the first quarter compared to the same period in 2010 when 50 were affected.
Jonathan Davies, partner at RPC, said the increase was a sign that the regulator was sharpening its teeth in advance of gaining new powers of
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