The Financial Conduct Authority (FCA) has launched a consultation to revamp its social media guidelines to crack down on the non-compliant use of influencers in financial promoters.
The regulator stated it has moved to "modernise" guidelines used for online financial promotions follows recognition of the "the significant increase in notoriety of ‘finfluencers' and the potential for consumer harm taking place online." The FCA has launched the consultation across financial services sectors which will run for the next eight weeks. Meanwhile, engagement with the regulator has also helped secure changes to the advertising policies of several Big Tech companies, to only allow financial promotions that have been approved by FCA-authorised firms. The regulator will be co...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
