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Earlier this year, the FCA announced a series of significant regulatory changes that will materially impact financial promotions to retail investors and the process for firms that approve financial promotions.

Financial institutions that offer, or are working towards offering, their clients access to private markets will need to be fully aware of their regulatory obligations in light of these changes.

The first of these changes come into effect from 1st December 2022, with the remainder needing to be actioned by 1st February 2023.

The policy statement (PS22/10) sets out changes to the FCA financial policy rules which fall into three main categories:

  • The FCA’s classification of high-risk investments;
  • The consumer journey into high-risk investments;
  • Strengthening the role of firms approving or communicating financial promotions.

Our briefing note outlines the new regulations and offers practical advice on what this will mean in practice for firms.

Access briefing note

What are the main takeaways?

To comply with the new FCA financial promotion rules, these are the actions firms will need to consider:


  • Ensure a general risk warning accompanies any promotion of high-risk investments


  • Ensure a further, personalised risk warning is displayed to investors


  • Implement a mandatory 24-hour “cooling off period"


  • Ensure more robust categorisation of investors


  • Test an investors’ appropriateness before they can invest in an RMMI or NMMI


  • Remove references to any inducements or incentives


  • Undertake preliminary suitability assessments for NMMI promotions

Explore practical steps you can take to meet the new regulations

You might also find these useful…

Private markets regulatory challenges are widely covered in Delio's private markets governance report

Delio report: Regulatory governance in private markets

Private Markets Technology

How technology could be the solution to the FCA’s intensifying scrutiny of private markets

How private markets technology is helping firms stand up to increased regulatory scrutiny

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