‘Finfluencers’ crackdown is ‘long overdue’

This week's FCA’s crackdown on rule-breaking social media posts and so-called ‘finfluencers’ is long overdue, according to Rosie Hooper, chartered financial adviser at Quilter.

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FCA to crack down on social media ads

The Financial Conduct Authority has outlined new guidance proposals aimed at combatting illegal and non-compliant social media ads and promotions and the potential damage from some ‘finfluencers.’

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Editor’s Comment: FCA's 'whackamole' battle

The FCA has done a pretty good job in cracking down recently on scams and dodgy financial promotions, stung into action by some major failures over the last few years.

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FCA to crack down on social media 'finfluencers' in 2023

 

The Financial Conduct Authority told firms to amend or remove 8,582 financial promotions during 2022 - 14 times the level of 2021.

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