FCA warns about advice 'influencers' with new social media proposals

New guidance aimed at combatting illegal financial promotions

Hope William-Smith
clock • 3 min read

Nearly three-in-four people aged 18 to 29 trust advice provided on social media by finance-focused influencers, the Financial Conduct Authority (FCA) has warned.

The findings were published today (17 July) alongside the release of proposed new social media guidance the regulator says will "modernise the information firms should use when promoting financial products or services online". The regulator said that despite social media having helped firms communicate with clients and consumers effectively, poor quality financial promotions on social media "can lead to significant consumer harm due to their wide reach and the complex nature of financial services". The guidance comes on the back of the rise of influencers known as ‘finfluencers'. "...

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