Nearly 20,000 financial adverts had to be withdrawn or amended in the UK last year after the FCA stepped in – nearly double the amount in 2023.
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The financial watchdog says cryptoasset, debt solutions, and claims management company (CMC) promotions were the main problem areas.
There were 9,197 CMC promotions withdrawn in 2024, many of which were related to housing disrepair and motor finance claims targeted at vulnerable consumers.
The FCA has also renewed its call for social media platforms to do more to proactively identify and prevent illegal financial promotions.
Last year, the regulator launched targeted action against โfinfluencersโ, resulting in 20 people being interviewed under caution.
Lucy Castledine, director, consumer investments, FCA, says: “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.”
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