Social media has become an increasingly vital part of firms’ marketing strategies across industries, and the financial sector – including its growing number of financial influencers or “finfluencers” – is no exception.
In light of this trend the UK financial services regulator, the Financial Conduct Authority (FCA), has published a consultation to update its guidance on social media financial promotions. With this new guidance, the FCA wants to ensure its expectations of financial promotions on social media are clear and reflect the current and future social media landscape.
You can find more information on the draft guidance in our alert here. The consultation closes on 11 September 2023, with final guidance expected later this year. The FCA plans to retire its previous guidance when this new guidance is finalised.