The UK’s financial regulator has proposed new guidance governing how financial products can be marketed on social media platforms to limit what it described as “significant consumer harm” from unsuitable and illegal promotions.
In a consultation that began on Monday, the Financial Conduct Authority said its new consumer duty — which requires banks, insurers and other financial companies to provide good outcomes for customers — will be applied to social media posts.
“We’ve seen a growing number of ads falling short of the guidance we have in place to stop consumer harm,” said Lucy Castledine, director of consumer investments at the FCA. “For those touting products illegally, we will be taking action against you.”
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