More than 10,000 misleading financial promotions and scams aimed at consumers via social media sites such as Instagram, Facebook, YouTube and TikTok have been identified and targeted by the financial watchdog during the past year.
The Financial Conduct Authority (FCA) said the use of social media marketing channels and the rise of so-called “fin-fluencers” – particularly directing investment products at younger age groups – exploded last year, resulting in a record number of takedown notices and alerts.
