FCA reveals how many general insurance firms breached financial promotion rules

The general insurance and protection sector accounted for 6% of the FCA’s workload against firms breaking financial promotion rules in the final quarter of 2024.

According to data published by the watchdog last week (7 February 2025), 3,697 promotions were amended or withdrawn following intervention with 78 authorised firms between October and December.

Retail investment made up 58% of cases, while retail lending was in second place at 31%.

While general insurance and protection was much lower at 6%, it was still above retail banking (4%) and pensions and retirement income (1%).

Cases across the year

Meanwhile, across the year, the FCA said it took action against 19,766 promotions, a 97.5% increase compared to 2023.

Almost 10,000 were from claims management companies, with the FCA removing 9,197 such adverts.

In addition to claims management company promotions, the regulator also said it had concerns about those regarding cryptoasset and debt propositions.

As part of its clamp down on misleading adverts, the regulator is urging social media platforms to do more to proactively identify and prevent illegal financial promotions.

Lucy Castledine, director of consumer investments at the FCA, said: “Over the past year, we have seen a growing number of misleading and illegal financial promotions.

“We have stepped up our efforts in response to make sure that financial promotions are clear, fair and accurate.

“We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed at consumers.”