The Financial Conduct Authority (FCA), UK’s financial regulatory body, will implement a regulatory gateway for the approval of financial promotions by authorised firms on behalf of unauthorised entities from the 7th of February 2024. This regulatory change comes as part of the amendments made by the Financial Services and Markets Act 2023.
As a result of these revisions, authorised firms that desire to continue their approval of financial promotions for unauthorised firms are obligated to obtain prior permission from the FCA. There is a limited time frame to apply for this permission through the financial promotion regulatory gateway, which will remain open until the 6th of February 2024.
It is pivotal for firms to be cognizant of the upcoming changes to ensure compliance and continuity of their promotional activities. While details are yet to be fully elucidated, keeping abreast of these developments through trusted legal resources is imperative during this period.
For more comprehensive information on this matter, Hogan Lovells provides a detailed guide to the FCA financial promotion gateway and the key aspects that firms need to be aware of.