The Financial Conduct Authority (FCA) in the UK flagged nearly 20,000 financial promotions in 2024, leading to their withdrawal or amendment. This is almost double the amount compared to the previous year. The FCA expressed concerns about promotions related to crypto assets, debt solutions, and claims management companies. Over 9,000 promotions for claims management companies were withdrawn, particularly those targeting vulnerable consumers with housing disrepair and motor finance claims. The FCA urged social media platforms, such as Facebook, Instagram, and TikTok, to proactively identify and prevent illegal financial promotions. The regulator also took action against "finfluencers" and tightened its rules around financial promotions in 2023. Additionally, the FCA fined a CFDs broker, Infinox, for failure in transaction reporting, marking its first enforcement action under UK regulations.



Other News from Today