FCA noted that it has made improvements in the digital tools it uses for detecting problem firms and misleading advertisements. This allows the regulator to handle a greater number of cases than 2021.
‘Fin-fluencers’ were pointed out as a growing concern as the regulator warned that unauthorized individuals should not give advice on certain investments. Over the past year, several social media influencers have been reprimanded by the regulator.
Sarah Pritchard is the Executive Director of Markets.
Our expectations are the same. Financial promotions should be clear, fair and not misleading. What has changed is the FCA’s approach. By drawing on better technology, we’re finding poor quality or misleading ads quicker. And where we find them, we’re stepping in to make firms improve them or remove them entirely.
This year, we will continue to put the pressure on people using social media to illegally promote investments, which put people’s hard-earned money at risk.
LeapRate first published the post FCA requested firms to amend/take down 8.5K Adds in 2022