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Brokers warned about financial promotions rules

Mortgage brokers have been issued with a wake-up call over potential serious penalties that the FSA could impose on them if they fail to comply with regulations surrounding financial promotions.

SQ2 managing director Steve Clawley says marketing and advertising issues should be a serious consideration when advisers are making their regulation decision.

He says: “The choice for brokers over who they want to have overall responsibility for all their promotional material should effect their decision of whether to become directly authorised or an appointed representative.

“We all have three months after October 31 2004, or 12 months for annual publications, to make sure that our advertising and marketing literature has been approved or signed off by the authorised firm.”

The authorised firm must have a written sign off procedure, and records must be kept for one year from the date the item was last communicated. Promotions include all sales presentations, telesales, adverts, brochures, websites, mail shots and emails.

Clawley has called on financial advisers to look closely at all aspects of any regulation offering.


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