FCA Cracks Down on 10,000+ Misleading Ads and Promotions in 2023

In 2023, the Financial Conduct Authority (FCA) withdrew or amended 10,008 financial adverts and promotions, an increase of 16.6% year-on-year compared to 2022. The UK regulator also issued 2,285 alerts to help consumers avoid losing money to scams, up from 1,800 in 2022.

The FCA has focused on illegal cryptoasset promotions to UK consumers after being given new powers by the Government, issuing 450 consumer alerts between October 8, 2023, and December 31, 2023.

The regulator has highlighted its concern at the rise of influencers promoting financial products, including credit and investments on social media which often targets younger age groups.

Lucy Castledine, Director of Consumer Investments at the FCA, said, "People need clear, fair and accurate information to base their financial decisions on. We will continue to intervene and take action when we identify firms not meeting our minimum standards."

From 7 February 2024, authorized firms must obtain permission from the FCA if they want to approve promotions for unregulated persons.