The Financial Conduct Authority (FCA) has released guidance on how products may be promoted on social media. So-called ‘finfluencers’ and firms alike are being advised to “keep their social media ads lawful.
The new guidance comes on the heels of 10,000 misleading adverts being removed by the FCA in 2023, up from around 8,500 in 2022. The guidance focuses on financial promotions on social media; marketing strategies; and influencers and social media platforms. It encourages those promoting products to be proactive in ensuring adverts are compliant and focus on delivering good outcomes for retail customers. Lucy Castledine, director of consumer investments, FCA, said: "Any marketing for financial products must be fair, clear and not misleading so consumers can invest, save or borrow with c...
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