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FCA: Social media guidance set for revamp

The FCA plans to take another significant step in its work to combat illegal and non-compliant financial promotions.

The proposals for new social media guidance will modernise the information firms should use when promoting financial products or services online. For example, the FCA is consulting on extending its guidance to reflect the current ways social media is being used to advertise financial services and products.

The FCA has been ramping up its scrutiny of online, often illegal, financial promotions, recognising the significant increase in notoriety of ‘influencers’ and the potential for consumer harm taking place online.

The new social media guidance supports two of the FCA’s core commitments set out in the 2023/24 business plan to reduce and prevent serious harm and set and test higher standards.

View the social media guidance here.

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