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Summary:
The Financial Conduct Authority (FCA) has published guidance on the promotion of financial services through memes, reels, and gaming streams on social media. The guidance emphasizes the importance of fair, clear, and non-misleading advertising, ensuring that consumers can make informed financial decisions. Firms promoting financial products must ensure that influencers they work with comply with the FCA's regulations, and influencers are warned that promoting unauthorized products can lead to criminal charges. The FCA has also increased scrutiny of financial promotions, removing over 10,000 misleading adverts in 2023, and is working with the Advertising Standards Authority to educate consumers and influencers about the risks involved in promoting financial products.
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