FCA clamps down on misleading financial promotions

The financial services watchdog has reported a surge in the number of “misleading and illegal” financial promotions.

Figures from the Financial Conduct Authority (FCA) show that nearly 20,000 financial promotions were withdrawn or amended in 2024.

That’s almost twice the amount recorded in 2023.

Many of these concerned housing disrepair and motor finance claims aimed at vulnerable people.

The FCA has now called on social media platforms to be more proactive in identifying and preventing illegal financial promotions.

Lucy Castledine, director of consumer investments at the FCA, said: “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.”

She added that the watchdog has “stepped up” its efforts to make sure that financial promotions are “clear, fair and accurate”.

FCA clamping down on social media ‘finfluencers’

The FCA has already begun taking “targeted action” against social media personalities who give financial advice online.

Last year, 20 so-called “finfluencers” were interviewed under caution following illegal financial promotions on social media. 

Consider regulated financial advice 

One of the best ways to make sure you’re getting reliable and unbiased financial advice that you can trust is to use an FCA-regulated adviser.

They’re obliged to meet minimum standards, so you can be sure you’ll get personalised advice based on your specific circumstances.

By contrast, a finfluencer can’t know the details of your situation and your goals, so the advice they give might not be appropriate for you.

Check out our guide on getting financial advice to find out more. 

And if you need help getting your money back on track, we're here for you. 

We can help you create a budget, find out what benefits you’re entitled to, and advise you on debt solutions if you’re struggling with repayments (some are free, for others there’s a fee).

All advice is free and impartial. Some debt solutions are also free, some have a fee.