The UK's FCA warns unqualified "finfluencers" about promoting high-risk financial products.
The UK's Financial Conduct Authority (FCA) has cautioned social media influencers, or "finfluencers," about the legal implications of promoting financial products. With many unqualified individuals influencing young followers, the FCA has interviewed 20 finfluencers and issued 38 alerts regarding potentially unlawful promotions. The agency is particularly focused on high-risk investments like foreign currency and contracts for difference trading. It advises users to verify product legality to protect their financial wellbeing.
October 21, 2024
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