Financial adverts: what they must tell you

Every advert for a financial product in the UK, from a credit card poster to a crypto trading app, sits under a single standard: it must be fair, clear and not misleading. The FCA's rules require exactly that¹, and the same words appear in the regulator's Principles, which say a firm "must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading"². The standard is not limited to banks and insurers. When buy now pay later lending was brought toward regulation, the rules were amended so that BNPL advertisements must also be fair, clear and not misleading³.

The rules exist because an advert is often the only thing a person sees before committing money. So the law pairs the advertising standard with information duties: what a firm must tell you before you are bound, what it must put in writing, and what it must say at the start of a phone call. This page sets out those duties for credit, savings, mortgages and investments, then looks at cryptoassets, where the boundary between what is advertised under the rules and what is actually regulated is the thing most likely to catch a consumer out.

Financial adverts must be fair, clear and not misleading

The fair, clear and not misleading standard runs through the whole regulatory system, not just the advertising rules. The FCA's Principle 7 states that "A firm must pay due regard to the information needs of its clients and communicate information to them in a way which is clear, fair and not misleading"². The same wording reaches lenders outside the FCA's main regime: under the rules covering redress for lenders, "A lender must communicate information to consumers in a way which is clear, fair and not misleading"⁹. The financial promotions regime itself is set out in the Financial Services and Markets Act 2000¹.

What the standard means in practice is that a promotion cannot tell only the attractive half of the story. A rate or offer must be presented with the conditions that attach to it, and the information a consumer needs to judge the product must be there, not buried. Where the FCA finds the rules are not working cleanly, it consults on changes: in April 2026 it opened CP26/15, proposing changes to simplify the financial promotions rules in CONC 3 and opening a discussion on how cost of credit information is presented to consumers¹⁰.

The standard also reaches firms whose marketing is the main way they find customers. Claims management companies must not send emails or texts unless you have agreed, must not make marketing calls to people who opted out or registered with the Telephone Preference Service, must not approach you in person, and must not use high-pressure selling¹¹. For high-cost short-term credit, the rules go further still: advertisements must carry a risk warning¹².

What you must be told before you sign up online or by phone

The general rule for contracts made away from premises, including online and by phone, is that the trader must give you the required information in a clear and comprehensible way before you are bound by the contract⁴. For regulated contracts there is a more specific duty: the trader must give you the key information in good time, in writing, free of charge, in the standard information form, and in English before you enter the contract¹³.

Different products add their own timing rules on top:

The BNPL reminder rule is worth noticing. Where a zero or low interest introductory offer depends on you meeting conditions, the firm must send a notice reminding you of any action needed and the date by which it must be taken, within a reasonable period before that date¹⁸. Promotional offers that look free can become expensive if a condition is missed, and this rule exists to make sure the deadline does not pass unnoticed.

Phone calls: the caller must say who they are and why they are calling

When a firm calls you to conclude a distance contract, the rules require it to disclose, at the beginning of the conversation, its identity, the identity of the person on whose behalf the call is made where applicable, and the commercial purpose of the call⁵. The FCA's distance marketing rules say the same in its own terms: when a firm makes a voice telephony communication to a consumer, "it must make its identity and the purposes of its call explicitly clear at the beginning of the conversation"¹⁹.

This matters most when the call is about something other than the product itself. If a family member or friend calls to apply for Pension Credit on your behalf, you must be with them when they call²⁰. And the rules restrict cold calling about pensions outright: a person must not make unsolicited marketing calls to an individual about occupational or personal pension schemes, except in two narrow cases, namely where the individual previously notified the caller that they consent to such calls on that line, or where there is an existing client relationship, the recipient might reasonably envisage such calls, and a simple free means of refusing use of their contact details was given at initial collection and at each subsequent communication²¹.

Getting the terms in writing, and a paper copy on request

The distance marketing rules require the supplier to communicate to you, on paper or in another durable medium available and accessible to you, all the contractual terms and conditions and the specified information⁶. The paper right does not expire at sign-up: the supplier must communicate the contractual terms and conditions on paper if you request it at any time during the contractual relationship⁶.

Similar duties apply across products:

• Credit agreements must be drawn up on paper or another durable medium, and all contracting parties must receive a copy²³.
• A statement of fees must be provided on paper at the consumer's request, with the method of communication agreed with the consumer²⁴.
• For savings accounts, a direct offer financial promotion must include a summary box in the form set out in the FCA's rules, and where the promotion is on paper the summary box may be on a separate sheet²⁵.
• Some information may be given orally, for example by telephone, but it must then be confirmed: a firm may provide certain mortgage information orally but must provide it in a durable medium with a copy of the MoneyHelper information sheet within 15 business days²⁶.
• In sale and rent back, the written pre-offer document must be accompanied by the MoneyHelper consumer factsheet on sale and rent back, provided in a durable medium²⁷.

Paper is not dead everywhere, even where a provider has moved online. NS&I, for example, still requires a downloaded paper form to be sent by post for some changes of name and for customers who want to transact by post²⁸. The direction of travel is digital, but the rules keep a paper route open where a consumer asks for one.

Where the distance marketing rules do not apply

The distance marketing rules have edges, and it is worth knowing where they sit. The FCA's rules on distance marketing do not apply to an authorised professional firm with respect to its non-mainstream regulated activities, to an activity in relation to a consumer hire agreement, or to any distance marketing activity carried on in relation to a regulated deferred payment credit agreement¹⁹. The FCA has also clarified that the distance marketing rules apply in relation to consumers and do not extend to consumer hire agreements¹².

The buy now pay later changes moved part of this boundary. Regulations 7 and 8 of the Financial Services (Distance Marketing) Regulations 2004, which cover the information required before the contract is concluded and the written and additional information, are disapplied for intermediaries of distance contracts that are regulated deferred payment credit agreements within the new exclusion²⁹. The same legislation brought BNPL agreements into regulation as credit agreements³⁰.

There is also a carve-out where credit information rules have already done the job: the distance marketing information requirements do not apply to a distance contract that is also a credit agreement, other than an authorised non-business overdraft agreement, where the pre-contract credit information required by the disclosure regulations has already been given¹⁹. In other words, if you have already received the standard pre-contract credit information, the firm does not have to repeat it under the distance marketing rules.

One more boundary matters to anyone dealing with an overseas firm. If a firm proposes a distance contract governed by the law of a country outside the UK, it must ensure you do not lose the protection created by these rules where the contract has a close link with the territory of the UK³¹. A firm cannot escape the rules by choosing foreign law for a contract aimed at a UK consumer.

Cryptoasset adverts: risk warnings and a regime in force since late 2023

Cryptoasset promotions were brought under the financial promotion rules by legislation debated in Parliament in early May 2023, with the regime in force by late 2023⁷. Since then, crypto adverts in the UK have had to meet the same fair, clear and not misleading standard as any other financial promotion, and qualifying cryptoasset promotions must carry a risk summary. The FCA's own risk summary for qualifying cryptoassets states plainly that "The cryptoasset market is largely unregulated"³².

The regime also changed who can approve a promotion. The approval of financial promotions is not itself a regulated activity¹, but the rules on who may communicate or approve promotions still bite: promotions communicated by an unauthorised merchant offering a third party lender's regulated deferred payment credit agreements, for example, must be approved by an authorised person³⁰. The same approval discipline extends to crypto promotions communicated to UK consumers.

Enforcement has followed. The FCA reported in September 2026 that it and its partners continue a crackdown on illegal crypto trading, and that there are currently no FCA registered peer-to-peer crypto businesses operating in the UK³³. The FCA had warned as early as 2017 about the risks of Initial Coin Offerings³⁴, and the Treasury Committee heard evidence in 2018 of the cryptoasset industry distributing misleading advertisements³⁴.

Referral and bonus offers sit inside this regime, not outside it. One provider's terms for its referral programme require the referred friend to deposit at least £1,000 into an eligible account, which can be split across multiple accounts, and to maintain that minimum balance for at least 90 consecutive calendar days³⁵. An offer like that is lawful, but under the fair, clear and not misleading standard the conditions must be presented clearly, not hidden in small print.

Crypto is marketed under the rules but mostly not regulated

This is the boundary most likely to confuse people, so it is worth stating exactly. Crypto is a high-risk investment and remains largely unregulated in the UK, except for anti-money laundering and financial promotion, until October 2027³³. The FCA's risk summary says the same in one line: "The cryptoasset market is largely unregulated"³².

What that means is that the advert you see is subject to rules, but the product behind it is not subject to the full supervisory regime that applies to a bank account or a regulated fund. The FSCS states that it "doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime"³², and that most cryptoassets, including virtual currencies like Bitcoin and Litecoin, are not FSCS protected because they are not regulated⁸.

One narrow development at the regulated edge: from 6 April 2026, investments in a UK cryptoasset exchange traded note can be held in an innovative finance account³⁶. A UK cryptoasset exchange traded note is defined in legislation as a debt security traded on a trading venue or a market operated by a UK recognised investment exchange, with no periodic coupon payments, whose return tracks the performance of an unregulated transferable cryptoasset minus applicable fees³⁶. Even here, the FSCS states it does not protect this type of investment³².

What protection you lose with cryptoassets

The protections that surround regulated products largely stop at the crypto boundary. Cryptoassets generally are not protected by organisations like the FCA or FSCS³⁷. If your investment is stolen, there is not an easy way to get your money back, and FSCS cannot protect you³⁷. There is no collective deposit insurance scheme to compensate investors in the event of a hack³⁴, and cryptocurrency exchanges are a tempting target for hackers, with security breaches having led to the theft of digital currency, and not all investors getting their money back³⁷.

Access risk is real too. If you store your cryptoassets on a password-protected personal hard drive or memory stick and you lose or forget the password, you may well have lost access to your investment altogether³⁷. The market value of cryptoassets can be extremely volatile³⁷, and you cannot spend them like cash, as few retailers accept cryptocurrency such as Bitcoin as payment³⁷.

Before investing anywhere, the FSCS suggests asking the provider direct questions: whether the product is covered by FSCS, how much of your money is protected, and what would happen to your money if something happened to the provider³⁸. For crypto, the honest answer to the first question is almost always no.

Tax is one area where cryptoassets are fully caught by the rules. Capital Gains Tax may apply when you dispose of cryptoassets, such as selling or exchanging them, and Income Tax and National Insurance may apply to cryptoassets received through employment, self-employment, mining, staking or lending³⁹. There is no equivalent Self Assessment box for cryptoasset income such as mining or staking: it is reported separately through existing Income Tax provisions³⁹.

Spotting scams dressed up as genuine investment offers

A scam advert often looks like a real one, which is precisely the point. The warning signs to hold onto are structural: a genuine regulated firm must tell you who it is and why it is calling at the start of any call⁵, must give you the key information in writing before you are bound¹³, and must be findable on the FCA Register. An offer that pressures you to move fast, asks you to move money to a personal account, or appears only through social media messages does not behave like a regulated firm, because a regulated firm is not allowed to behave that way.

The Treasury Committee heard evidence of the cryptoasset industry distributing misleading advertisements and being lax on self-imposed know your customer rules³⁴, and the FCA has warned about the risks of Initial Coin Offerings³⁴. The FCA's continuing crackdown on illegal crypto trading operations is itself a signal that unregistered operations exist and are being pursued³³.

One thing consumers rarely see until it affects them is the fraud marker system. Financial businesses sometimes pass information to fraud prevention agencies, which add a marker against someone's name to try to stop fraud⁴⁰. Markers are meant to be based on relevant law and regulations, regulator rules and guidance, industry codes of practice and good industry practice, and evidence the financial firm has to support its belief⁴¹. If a marker is wrong, the Financial Ombudsman may tell the financial business to put things right and pay compensation for distress or inconvenience⁴¹.

Where to get help if an advert misled you

If an advert misled you and money has moved, speed matters. The FSCS's advice is to speak to your bank, building society or credit union, as they can protect and reimburse victims of certain types of fraud, and to report to Action Fraud at www.actionfraud.police.uk⁸. The Payment Systems Regulator gives the same advice from the other direction: contact Action Fraud to make a report and call your bank immediately so they can protect your account²².

For a misleading advert by a firm that is still trading, the route is complaint first: complain to the firm, and if it does not resolve the matter, take it to the Financial Ombudsman Service. The Ombudsman can look at complaints about fraud and scams⁴⁰, and where it finds you lost money because of a fraud marker against your name, it can tell the financial business to put things right and pay compensation for distress or inconvenience⁴¹. Where a firm has failed, the FSCS is the route, but only where the product is one it protects, which, as set out above, most cryptoassets are not⁸.

Free, impartial help is available. MoneyHelper factsheets are required to accompany certain regulated products, such as sale and rent back²⁷, and the FSCS publishes guidance on what investment protection covers and the questions to ask a provider or adviser before committing money³⁸. More on how the pieces fit together is on who regulates what, and the comparison of FSCS or Financial Ombudsman explains which body handles which kind of loss.