FCA eyes stringent social media rules in financial promotions crackdown

Eight-week consultation

The Financial Conduct Authority is proposing the introduction of new social media guidance to tackle illegal and non-compliant financial promotions.

The guidance will "modernise" the information companies use to promote financial products and services online, the regulator said, which will also reflect how social media is currently being used to advertise them. The notorious rise of financial influencers, or ‘finfluencers', and the increase in often illegal promotions online, have been an area of scrutiny for the regulator, especially into how these practices can lead to consumer harm. Part of the FCA's work has included working with the Advertising Standards Authority in creating infographics, roundtable discussions and live even...