Nearly 20,000 financial promotions were withdrawn or amended in 2024 following intervention from the Financial Conduct Authority (FCA) - nearly double the amount in 2023, the regulator has highlighted.
The regulator today (7 February) highlighted concerns with cryptoasset, debt solutions, and claims management company (CMC) promotions. The FCA noted that 9,197 CMC promotions were withdrawn in 2024, and any of these promotions were related to housing disrepair and motor finance claims targeted at vulnerable consumers. The watchdog said it continues to urge social media platforms to do more to proactively identify and prevent illegal financial promotions. It cited that last year, it launched targeted action against ‘finfluencers', resulting in 20 people being interviewed under caut...
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