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Forum starts dialogue between FSA and marketers

A financial promotions action group is being formed by the FSA and senior marketing professionals to promote best practice in the marketing of financial products.

The regulator’s financial promotion team and industry marketers will meet at the Royal Society of Medicine in London on October 6 to launch the group.

FPAG aims to open up a dialogue between the industry and FSA to identify a common approach to marketing. It will try to anticipate marketing issues that could affect the industry and to suggest solutions. It will also carry out ongoing research into consumer comprehension of communications.

A spokesman for FPAG says one of the key issues in financial marketing is maintaining effectiveness within a regulatory environment while ensuring that promotions are clear, fair and not misleading.

Marketing directors and heads of compliance will be invited to attend next month’s forum, along with FSA representatives including financial promotions department manager Chris Atkinson and author of Commonsense Direct Marketing, Drayton Bird. FPAG conference convener Sean Larrangton-White says: “The FSA has encouraged firms to contribute to policy discussion under the general umbrella of its Treating Customers Fairly initiative. What we are looking to do is help the FSA work with the grain of the market towards a market-based solution shaped by industry professionals. Our aim is to preserve the best of marketing techniques whilst maintaining necessary consumer protection.”


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