UK financial regulator The FCA has announced that nearly 20,000 financial promotions were withdrawn or amended in 2024 following intervention from the FCA – nearly double the amount in 2023.
The regulator said it has highlighted concerns with cryptoasset, debt solutions, and claims management company (CMC) promotions. 9,197 CMC promotions were withdrawn in 2024. Many of these promotions were related to housing disrepair and motor finance claims targeted at vulnerable consumers.
In total of 19,766 financial promotions were amended or withdrawn in 2024, a 97.5% increase compared to 2023. The FCA’s action resulted in the withdrawal of promotions from 46 authorised CMC firms, affecting 9,197 promotions.
The FCA said it continues to urge social media platforms to do more to proactively identify and prevent illegal financial promotions. Last year, the FCA launched targeted action against ‘finfluencers’, resulting in…
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