Promoting Financial Products under MiFID, Appropriateness and Non-Advised Transactions

Adam Samuel

Promoting Financial Products under MiFID, Appropriateness and Non-Advised Transactions

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Upskill your organisation with this is on-demand live online course.  Please contact us at for a quotation and to book date and time.

Course Overview 

Everyone wants to know how to put their product or service out in front of future customers in a multi-channel world. It is also a world where the European Securities and Markets Authority and the FCA have already intervened in a significant way to dictate the forms of marketing allowed in the Contracts for Differences market.

Marketing regulation is not confined to financial services regulators, and all regimes are modelled around the “fair, clear and not misleading” found in MiFID 2. That directive and its subordinate legislation create a common financial promotions regime for Europe. This in turn has created a common industry involved in trying to reconcile compliance rules designed for a static advertising world with the demands of modern media.

Firms selling complex products without recommending them almost invariably must face up to a need to carry out appropriateness testing. Knowing when and how to do this and then appreciating what should be done with the results is a key task for non-advisory firms.


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Training Objectives

By the end of the programme, participants will be able to:

  • Understand the key MiFID and MiFID-related provisions on financial promotions and appropriateness testing
  • Read promotions and spot their strengths and weaknesses
  • Apply the concepts of standalone compliance and regulatory media neutrality
  • Apply “fair, clear and not misleading” to a variety of different media
  • Identify the types of promotion that carry the lowest compliance risk
  • Understand the basics of risk management in relation to promotions and digital media
  • Know when they have to carry out appropriateness testing
  • Understand the appropriateness testing conditions required
  • Know what to do with the results of the appropriateness testing

Training Outline


  • Rules, principles and ideas applicable to financial promotions
  • Promotions beyond MiFID – Codes of Advertising Practice, law, good taste
  • What is a promotion and the extent to which it matters?
  • The regulatory framework for promotions: MiFID Org Reg, article 44
  • Context of financial promotions as part of product development and governance
  • The effect of rule breaches


The Rulebook MiFID and MiFID Org, article 44

  • What do the rules apply to?
  • Non-promotional communications and image Adverts
  • Clear, fair and not misleading in the conduct of business sourcebooks
  • Prominence & font-size rule
  • ESMA measures on contracts for differences
  • Rule against unfair comparisons
  • Rules and guidance on specified expressions
  • Tax
  • Making promotions identifiable as such
  • Giving the name of the firm
  • Naming the regulator and compensation scheme
  • Past, simulated and future performance


Mainstream Issues in Digital Media and Promotions

  • Social media issues
  • Pay-per-click & sponsored links
  • Websites


Systems and Controls

  • Risk Management
  • Approval of promotions for others
  • The Competent Employee Rule
  • The Compliance Function
  • Record-keeping



  • When required
  • How required
  • What to do with negative results – risk warnings and MI

Training Style

The training style is interactive involving a combination of discussions and presentation, group work and case studies (taken from real-live examples). Participants are encouraged to share their opinions from their different perspectives.

CPD Recognition

This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

Who should attend

The programme is ideal for:

  • Compliance officers and managers
  • Marketing people
  • Risk managers
  • Product technicians

Who is Adam Samuel?

Adam Samuel is a compliance consultant who has been trying to resolve the financial services industry’s problems through a combination of training, advising, writing and general persuasion since 1996.

The author of the only book on complaints in the UK (now in a second edition), Adam has worked for regulators and public bodies in five countries and three continents and delivered financial services compliance training in three European countries and Hong Kong. He is a lawyer by training but insists on being qualified as a financial and mortgage adviser as well as a compliance and financial crime specialist. Adam’s specialty is loud, highly interactive sessions (on complaints handling, financial promotions, digital financial promotions, product governance, financial crime and suitability) using as many practical examples as he and the participants can find.


A graduate of both Oxford university and Boston University (masters in banking law), he is a member of the English and New York bars and is a holder of qualifications from CAMS, the CISI, CII on financial crime, compliance and mortgage advice.


  • Complaint handling and other dispute resolution

  • Financial promotions and digital media issues generally

  • Product governance

  • Advice and suitability standards and requirements for non-advised transactions

  • Financial crime including AML

Additional Details


Date And Time





Live Online (Zoom)

Event Category


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