Law, not likes: Cracking down on social media financial promotions

Social media has become a busy marketplace for financial products, with providers using social channels to directly reach acquisitive, often younger consumers. But unlike hair care or home organisation tools, promotion of financial instruments is heavily regulated, with stiff penalties for breaking the rules. The UK's Financial Conduct Authority (FCA), which has over the last decade taken an increasingly close interest in protecting consumers from poor practices by financial service providers, said in March this year that: "Promotions aren't just about the likes, they're about the law...