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...
To continue reading this article...
Join COVER for free
- 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.