The UK Financial Conduct Authority (FCA) says it had almost 20,000 financial advertisements pulled or changed during 2023 – almost double the year prior.
The FCA specifically mentioned promotions involving crypto, debt, and “claims management company” (CMC). CMCs came from 46 authorized CMC firms, affecting 9,197 promotions.
In 2024, the regulatory specifically targeted “finfluencers” or influencers engaged in promoting financial products or services.
Director of Consumer Investments at the FCA, Lucy Castledine, said they have seen a growing number of illegal and misleading promotions, so they have stepped up their actions to counter these advertisements.
“We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed to consumers.”
Firms are required to obtain FCA permission before approving promotions for unauthorized persons.