UK cracks down on ‘finfluencers’
We wrote about financial influencers (‘finfluencers’) in the news recently, and now the UK’s Financial Conduct Authority (FCA) has announced it is taking a tough line on finfluencers and the promotion of financial products and services online.
They point to how consumers are using social media as a go-to source of information which is being reflected in advertising trends. The FCA is currently consulting on financial promotions on social media and they working with the Advertising Standards Authority to educate consumers and influencers about the risks involved in promoting financial products. Of note, they have worked with Big Tech to update advertising policies to only allow financial promotions approved by FCA-authorised firms. It will be interesting to see if the Financial Markets Authority decides to implement any similar initiatives.
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