The Financial Conduct Authority (FCA) has censured Equity for Growth (Securities) Limited (EFG) for approving financial promotions relating to minibonds that were deemed unfair, unclear and misleading. These financial promotions failed to disclose high commission fees charged by its appointed representatives (ARs) and other introducers for marketing the minibonds to investors. As an authorised firm, EFG was able to approve financial promotions on behalf of unregulated firms that were seeking to raise money through the issuance of minibonds. These promotions also failed to state that the fees would be deducted from investors’ money. “Firms must make sure that the financial promotions they are approving are transparent about the high commissions taken from people’s money and the impact those charges have on their investments.”