Do advertisements aimed at mortgage intermediaries have to comply with the qualifying credit promotions rules in MCOB 3?
These advertisements may be exempt, and therefore not subject to the MCOB 3 rules on qualifying credit promotions. Under the Financial Services and Markets Act, an unauthorised person must not ‘communicate an invitation or inducement to engage in investment activity’ without approval, or exemption (section 21). We give guidance on the effect of this restriction, and the impact of exemptions in the Financial Promotion Order, in PERG 8. This guidance discusses the effect of Article 19 of the Financial Promotion Order. Article 19 means that where a communication is to an investment professional (or to a person reasonably believed to be an investment professional), it will not need to comply with our rules on financial promotions. This exemption is subject to certain conditions if the communication is directed at investment professionals generally, rather than made to a particular investment professional.. The conditions are that: • the communication must clearly state it is directed at in
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