Financial Regulator Tightening Social Media Promotions And "Finfluencers" Rules
UK FCA To Revamp Social Media Rules The Financial Conduct Authority (FCA) in a press release on July 17 said it is consulting on new social media guidance for promoting financial products and services on platforms to combat illegal and non-compliant financial promotions. The new social media guidance will be consulted over the next 8 weeks. advertisement Lucy Castledine, Director, Consumer Investments at the FCA, said: “We want people to stay on the right side of our rules, so we’re updating our guidance to clarify what we expect of firms when marketing financial products online. And for those touting products illegally, we will be taking action against you.” The FCA is working with the Advertising Standards Authority to increase scrutiny over illegal financial promotions and advertising by “f influencers ” and companies. The regulators are also working to educate consumers and influencers about the risks in promoting financial ...