United Kingdom: Closed consultation on Updated FCA Guidance on Financial Promotions on Social Media

On 11 September 2023, the UK Financial Conduct Authority (FCA) closed its consultation on the draft Guidance on Financial Promotions on Social Media. The Guidance aims to protect consumers by reducing the number of illegal and non-compliant financial promotions on social media by clarifying the FCA’s expectations for firms as well as unauthorised persons such as social media influencers, who promote a regulated financial product or service without approval of the FCA. In particular, the consultation focuses on the prominence of required information in social media settings, expectations under the Consumer Duty for social media communications, approach to affiliate marketing, use of shared social media profiles between UK and non-UK entities, and guidance on the financial promotion perimeter.