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Modernised UK guidance on social media financial promotions

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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You can find more information on the draft guidance in our alert here.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.

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Sue is a Partner in our Technology practice in London. Sue specialises in major technology deals including cloud, outsourcing, digital transformation and development and licensing. She also advises on a range of legal and regulatory issues relating to the development and roll-out of new technologies including AI, blockchain/DLT, metaverse and crypto-assets.

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Alysha Preston is an associate in the Firm’s Intellectual Property Practice Group. Alysha counsels domestic and multinational companies in navigating complex issues involving intellectual property and technology transactions, including in mergers and acquisitions. Alysha has been recognized by Super Lawyers and selected to the 2020 and 2021 New York Metro Rising Star list for Intellectual Property. Alysha also served as co-chair of the New York office’s Diversity and Inclusion Committee.

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Sarah Williams is an associate in the financial services practice in London. Sarah advises a broad range of clients on financial services legal and regulatory issues. Sarah's practice includes advising on the regulation of payment services and electronic money, investment firms and consumer credit providers and anti-money laundering compliance issues.

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Kimberly Everitt is Baker McKenzie's senior knowledge lawyer for Financial Services Regulation & Enforcement, covering the EMEA region, and brings over a decade of experience to the team in both knowledge and fee-earning roles. Prior to joining the Firm, Kim held roles specializing in contentious financial services regulation knowledge, and her fee-earning roles covered non-contentious regulation in the private equity and general financial services sectors.

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