CIPR 4.2.9 Advertisements with references to past performance

(1) If an authorised firm makes or approves an advertisement that includes or refers to the past performance of a regulated activity or specified product, it must ensure that:
(a) the performance information is not the most prominent feature of the advertisement;
(b) the performance information:
(i) covers at least the last 5 years, or the entire period for which the regulated activity or specified product has been offered, but never less than 3 consecutive years; and
(ii) is based on complete 12-calendar-month periods; and
(c) the reference period, basis and source of the performance information are clearly stated.
(2) The firm must ensure that any document that contains information on past performance contains the following warning:
Warning: Past performance is not a reliable guide to future performance.
The warning must appear near the information on past performance, and may not be provided by way of a footnote.
(3) The firm must make and retain a detailed record of how the past performance information was calculated.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).