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Influencers on social media, and anyone involved in advertising and promoting products, would be well advised to make sure they are aware of their legal responsibilities. The Financial Conduct Authority (FCA) has published guidance on financial promotions on social media aimed at influencers and the firms they work with.
The FCA warns influencers that promoting financial products without approval from an FCA-authorised person with the right permission could constitute a criminal offence, and also urges them to consider the impact on their reputations if they are found to be promoting products illegally. It points out that social media will not always be the best place to advertise complex financial products.
The guidance follows a consultation that took place last year. Financial promotions are receiving increased scrutiny from the FCA, which removed more than 10,000 misleading adverts last year, up from about 8,500 in 2022.
Lucy Castledine, Director of Consumer Investments at the FCA, said, "Any marketing for financial products must be fair, clear and not misleading so consumers can invest, save or borrow with confidence."