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Sheldon Mills, Interim Executive Director of Strategy and Competition at the FCA commented, "We have today confirmed our proposals to make the speculative mini-bond ban permanent and extend its scope."
These products are high risk and are often designed to be hard to understand.
Consumers should always be wary of any investment promising high returns while downplaying risks.
The FCA has identified protecting consumers from harm in the investment market as a priority in its 2020/21 business plan. As part of that, the UK regulator is currently reviewing feedback to its Call for Input on how the consumer investments market can be improved.
The FCA stated, "The FCA has also made clear that online platforms, such as Google, play an increasingly significant role in communicating financial promotions to consumers.”
These firms need to do more to stamp out fraud and misleading adverts and bear clear legal liability for the financial promotions they highlight.
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