Nearly 20,000 financial adverts were withdrawn or amended in the UK last year following intervention from the FCA, which is nearly double the amount from 2023.
The financial watchdog highlighted that the main areas of concern included promotions related to cryptoassets, debt solutions, and claims management companies (CMCs). In 2024 alone, 9,197 CMC promotions were removed, many targeting vulnerable consumers with issues related to housing disrepair and motor finance claims.
The FCA has renewed its appeal for social media platforms to take greater responsibility in proactively identifying and preventing illegal financial promotions. Last year, the regulator took targeted action against ‘finfluencers’, leading to interviews under caution for 20 individuals.
Lucy Castledine, director of consumer investments at the FCA, stated: “We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed at consumers.”