Financial Conduct Authority (FCA) Clampdown
The FCA withdrew over 4,000 financial promotions between July and September 2022 they have announced. The regulator warns unauthorised firms and individuals are looking to take advantage of the rising cost of living. The FCA also said it is aware that scammers are targeting consumers searching for investments online, in particular through search engines such as Google and social media platforms such as Facebook, Instagram or YouTube.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “As consumers feel the financial squeeze, they could be tempted by high-risk, unregulated products and services or they could become a target for scammers preying on moments of vulnerability.
“As a result, we’re doing even more to tackle false claims in adverts, issue prompt warnings to consumers, and we continue to engage with the largest tech and social media platforms as they also play an important part in protecting consumers from online harm. This is why changes to the Online Safety Bill to cover paid-for financial services advertising online are very much needed right now.”
If you are in any way unsure about an offer you receive or are tempted by an offer that may look too good to be true then please be vigilant. If you would like to speak to your adviser they will be very happy to discuss any concerns you may have.
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