FCA censures Equity for Growth over misleading minibond promotions
FCA censured Equity for Growth (Securities) Limited for approving minibond financial promotions that were unfair, unclear and misleading.
EFG approved promotions that failed to disclose high commissions charged by appointed representatives and introducers marketing minibonds. The censure reinforces FCA supervisory focus on principals' oversight of ARs and the integrity of promotion approval gateways.
Reinforces enforcement risk for s21 approvers and principals failing to control AR conduct and commission disclosure.
Action Required
Review Section 21 financial promotion approval processes and appointed representative commission disclosures.
Signals continued FCA focus on financial promotion approval regime and principal oversight of ARs.
Reassess controls over financial promotion approvals under s21 gateway. Verify disclosure of commissions, AR oversight arrangements, and consumer duty alignment for high-risk investments.
“The FCA has censured Equity for Growth (Securities) Limited for approving financial promotions relating to minibonds that were unfair, unclear and misleading, failing to disclose high commission fees charged by its appointed representatives and introducers.”
Published: 2026-08-02