The Financial Conduct Authority (FCA) is cracking down on 'finfluencers' who promote regulated financial products without authorization. FCA warns financial services firms and influencers to ensure social media ads are lawful to avoid criminal charges. 'Finfluencers' could face up to two years in prison or unlimited fines for providing dubious financial advice, especially in the crypto meme ad space. The FCA has established clear guidelines for financial influencers on social media marketing.
The Financial Conduct Authority has instituted clear guidelines for how financial influencers use social media for marketing. https://t.co/2YEyQCSIvZ
'Finfluencers' warned that crypto meme ads can't be misleading https://t.co/p0Rflt9p49
"Finfluencers" could face up to two years in prison or unlimited fines for dodgy financial advice. https://t.co/hEOMebvlxF
FCA warns FS firms and finfluencers to keep social media ads lawful https://t.co/phN34TfCQq
“The regulator cautions that unauthorized promotion of regulated financial products could lead to criminal charges” h/t @mdudas for the share https://t.co/SE7ovBmd66
Memecoin 'finfluencers' are falling under the Financial Conduct Authority's regulatory spotlight https://t.co/CSIeJlS6gm