The Financial Conduct Authority (FCA) is today (14 February) disclosing proactive measures to safeguard consumers from misleading financial promotions and scams after recording an increase in interventions for 2023.
More than 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the regulator, an increase of 17%, year-on-year. The FCA also published 2,285 alerts to help prevent consumers from losing their money to scams last year, up from 1,800 in 2022. The regulator has previously highlighted its concern at the rise of influencers, also known as ‘finfluencers', leveraging social media platforms to promote financial products. Last year, the watchdog warned that nearly three-in-four people aged 18 to 29 trust advice provided on social media ...
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