Harper James advises ambitious UK businesses on financial services regulation, including the review of financial promotions before they reach customers or investors. The first question is whether the communication invites or induces someone to engage in an investment activity, since the financial promotions regime applies to much more than formal adverts.
Review the full message, its audience and its distribution method. Website copy, investor decks, emails, social media posts, webinars, app screens and conversations with prospective customers all require consideration. Identify the product, target market, intended outcome and legal basis for communication. A promotion must be issued by an authorised person, approved by an authorised approver, or rely on a specific exemption under the Financial Services and Markets Act 2000 and the Financial Promotion Order.
A useful review should record the applicable exemption or approval route, evidence supporting every factual claim, and the version approved for publication. Further guidance on current financial promotion issues provides a useful starting point for building a repeatable internal process.
The promotion must be clear, fair and not misleading. Check headline claims against the underlying product terms, especially statements about returns, tax treatment, eligibility, performance, security, liquidity and regulatory status. Past performance must not be presented as a reliable guide to future results. Risk warnings need to be prominent and understandable, rather than hidden in footnotes or separated from the main claim.
The same discipline applies to social media and influencer content. Short formats do not remove the need for appropriate risk information, audience controls and approval records. Current review work also commonly covers promotions for cryptoassets, where specific FCA rules apply, and communications to retail customers within the scope of the Consumer Duty.
Before publication, assign a named legal or compliance reviewer, obtain sign-off from the appropriate authorised person, and confirm that landing pages, linked documents and calls to action match the approved wording. Keep the final version, review comments, supporting evidence, approval details, publication date and intended audience. After publication, monitor complaints, engagement and regulatory developments, then withdraw or amend content when the underlying product or rules change.
For businesses producing frequent promotions, a written approval matrix is more effective than checking each item in isolation. It should define who owns the message, which communications require specialist financial services review, when an external approval is necessary, and how records are retained. That process gives founders, marketing teams and boards a clear decision trail without treating publication as merely a copy-editing exercise.