FCA Cracks Down on Misleading Financial Promotions, Doubles Enforcement Actions

The UK’s Financial Conduct Authority (FCA) intervened in nearly 20,000 financial adverts last year, forcing their withdrawal or amendment—nearly double the number from 2023. The regulator identified cryptoassets, debt solutions, and claims management companies (CMCs) as the primary areas of concern.

In 2024 alone, 9,197 CMC promotions were withdrawn, many targeting vulnerable consumers with housing disrepair and motor finance claims. The FCA has also urged social media platforms to take a more proactive role in identifying and preventing illegal financial promotions.

Last year, the FCA intensified its efforts against ‘finfluencers,’ interviewing 20 individuals under caution for promoting unauthorized financial products.

Lucy Castledine, Director of Consumer Investments at the FCA, stated, “We expect firms to meet regulatory standards and will continue collaborating with social media platforms to stop illegal promotions from reaching consumers.”