Financial Services: Misleading Advertising

(asked on 25th June 2018) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what penalties the Financial Conduct Authority can impose on payment services companies that have been found to have engaged in misleading advertising.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 28th June 2018

The Financial Conduct Authority’s (FCA’s) powers to investigate payment service providers and impose penalties are set out in the Enforcement Guide part of the FCA Handbook. In particular, Chapter 19.10 of the Enforcement Guide describes how the FCA have powers under the Enterprise Act to enforce breaches of consumer protection law, which includes breaches of the Unfair Commercial Practices Directive (which itself covers misleading advertising). As described in Chapter 19.20 of the Enforcement Guide, the FCA also has the power under the Payment Services Regulations 2017 (PSRs) to impose sanctions for breaches of the PSRs, which includes (but is not limited to) public censure, financial penalties, and the ability to retract or impose restrictions upon, the regulated activities that a firm can undertake.

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