6% of FCA financial promotions cases caused by GI & Protection
The Financial Conduct Authority has revealed the general insurance and protection sector accounted for 6% of its workload in the final quarter of last year against firms breaching financial promotion rules.
The figure for October to December came as the watchdog detailed that overall, 3,697 misleading promotions were amended or withdrawn following its intervention with 78 authorised firms.
The retail investments sector had by far the highest amend/withdraw outcomes, representing 58% of the pot. This was followed by retail lending in second place at 31%.
Despite its low contribution, GI and protection still outranked the cases generated by the retail banking (4%) and pensions and retirement income (1%
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