UK Regulatory Authorities Issue Guidelines for ‘Finfluencers’ and Memes Promoting Financial Services
Regulators in the United Kingdom are implementing new regulations for influencers and memes promoting financial products.
The Financial Conduct Authority (FCA) has issued guidelines to combat fraud in the promotion of fintech, digital assets, and other financial products through social media. Under these guidelines, influencers may need approval from an FCA-authorized entity to promote financial products. Including through memes. The FCA emphasizes the importance of fair, clear, and non-misleading advertising, with balanced information and appropriate risk warnings for informed decision-making by consumers. Firms are held responsible for all promotions and must ensure that influencers communicate appropriately with their followers.
Lucy Castledine, Director of Consumer Investments at the FCA, highlights the removal of over 10,000 misleading advertisements in 2023 alone. And underscores the need for compliant marketing to inspire consumer confidence in investing, saving, or borrowing.
Clever Robot News Desk 28th March 2024
Related Article
