Welcome to the Financial Promotions Action Group

This is a very significant development for the industry. One that will undoubtedly be important for most financial service companies.

When it comes to regulated financial promotions, maintaining effective marketing is becoming increasingly difficult. There is a need to ensure that promotions are fair, clear and not misleading. However, consumer protection is rapidly becoming consumer deterrence.

For the first time, there is a platform to tackle a wide range of issues.

For more information on the Inaugaral Meeting click on the button to the right or click here.

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Who should join?
Membership of the Group is by invitation only to Marketing Directors, their teams in Financial Services and Heads of Compliance. Only client companies can join.


Why should you join us?
This Group is not another talking shop. Much work has already been done to create effective and compliant work. Take a look at these action points and we are sure you’ll agree this is a significant step for the industry. We have already recruited an ex senior member of the FSA team – the former Head of Press Office, John Fryer.

  • For the first time, provide a common platform where all firms regulated by the FSA share experiences, concerns and important Financial Promotions issues.
  • Act as a two-way communication channel for the FSA - where firms can voice any concerns, issues behind the anonymous cloak of the group. This will be fronted up by John.
  • Identify the areas where an industry approach can make a difference, prioritise them and agree a year round action plan to provide work towards solutions with input from the FSA – and with total anonymity for individual firms.
  • Provide robust, ongoing research into consumer acceptance and comprehension of regulated marketing communications. Act as an aggregator of industry practice.
  • Create ‘consumer and marketing-friendly’ communications that work within the TCF framework. This would take existing packs, adverts, and making them more consumer-friendly, and compliant at the same time. We have the tank! team of Drayton Bird and Bill Fryer (who have good experience in this area) and NMGAdventis who test the customer comprehension of material.
  • Anticipate issues coming over the horizon, and pro-active in suggesting solutions. For instance, the MCOB regulations caused a headache for many firms who left it too late for good implementation. TCP is a crucial issue and the FSA have already fired warning shots to firms about compliance in this area.
  • Provide feedback to the FSA to ensure that the regulator is fully appraised of industry's ideas and issues with particular regard to the benefits felt by consumers
  • Lobbying - at Treasury Select Committee level. Our recruit is experienced at this.
  • Provide help and assistance in other regulated areas, such as Data Protection.
  • Studies into current issues with the regulatory content of marketing material and the effect this has on consumer acceptance and marketing effectiveness. With advice on the principles and practice for realistically implementing financial promotion rules.
  • Help in ensuring promotions conform with the principles of Treating Customers Fairly.
  • Sharing information producing marketing communications that takes into account the realistic level of understanding amongst different classes of consumers in the context of the FSA’s Financial Capability framework.
  • Benchmarking and lobbying.
  • Regular Marketing Director updates.


How is the Group connected to the Opt In Action Group?
The roots of this programme came from the already established Opt in Action Group. This Group involves some 25 of the top financial service players in the UK, representing the majority of direct marketing spend.

Research has been done to establish Best Practice of Opt in/ Opt out activity, to include data on the level and rates of Opt out by channel. The Opt In Action Group will form part of the Financial Promotions Action Group.

What is going to happen now?
The Inauguration of the Financial Promotions Action Group is on the 6th October 2005 in London There you will be able to learn more, and help steer the future direction of the Group.