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UK FCA final social media marketing guidance: platform advert restrictions, finfluencer compliance and Consumer Duty obligations; complex debt and BNPL promotions flagged; criminal exposure for unauthorised financial adverts.

Published on: 27 March 2024

Published by an LexisNexis TMT expert
Legal News
Article summary

As the regulator intensifies its oversight of online financial marketing to curb scams and limit consumer detriment, it stated on 26 March 2024 that several Big Tech platforms have updated their rules to permit financial adverts only from FCA‑approved and authorised firms. Google, Bing (Microsoft), Meta, X/Twitter and TikTok are among those that have implemented policy changes. On the same date, the FCA issued finalised guidance for firms using social media and finfluencers to engage consumers, warning that promotions lacking the required approvals could amount to a criminal offence. Recently, the watchdog reported that it had amended or removed more than 10,000 financial promotions in 2023, a 17% increase on the previous year. The FCA has repeatedly...

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