The number of financial promotions needing amendment or withdrawal increased to 19,766 last year, with the regulator highlighting concerns in crypto asset, debt solutions and claims management company promotions.
The FCA continued to urge social media platforms to do more to proactively identify and precent illegal financial promotions.
Last year, guidance was introduced aimed at keeping adverts across social media channels ‘fair, clear and not misleading’, while influencers were warned that promoting products without an FCA-authorised person without the right permission could be a criminal offence.
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According to the regulator, 20 influencers were interviewed under caution following illegal financial promotions on social media.
The FCA’s Section 21 Gateway requires firms to obtain FCA permission before approving promotions for unauthorised persons.
Lucy Castledine, director of consumer investments at the FCA, said: “Over the past year, we have seen a growing number of misleading and illegal financial promotions. We have stepped up our efforts in response to make sure that financial promotions are clear, fair, and accurate.
“We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed to consumers.”
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