UK Regulators Crack Down on Financial Product Promotions by Influencers and Memes - What You Need to Know!

EddieJayonCrypto

 27 Mar 24

tl;dr

Regulators in the United Kingdom are releasing new regulations for influencers and memes that promote financial products. In a new press release, the UK’s Financial Conduct Authority (FCA) is giving out new guidelines on how social media can be used to promote financial products, including fintech a...

Regulators in the United Kingdom are releasing new regulations for influencers and memes that promote financial products. In a new press release, the UK’s Financial Conduct Authority (FCA) is giving out new guidelines on how social media can be used to promote financial products, including fintech and digital assets, as a means of combating fraud.

According to the FCA, in the future, influencers may not be allowed to promote financial products – including through memes – without the approval of an FCA-authorized person. Adverts across social media channels must be fair, clear and not misleading, carrying the right risk warnings so people can make well-informed financial decisions. Firms are on the hook for all their promotions and the FCA has warned they need to ensure influencers they work with communicate to their followers in the right way. Promoting a financial product without approval from an FCA-authorized person with the right permission could be a criminal offense. In 2023, regulators removed over 10,000 misleading advertisements alone, emphasizing the importance of fair and clear marketing for financial products to instill confidence in consumers.

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