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April 4, 2024
The FCA recently published Guidance clarifying its expectations of firms and ‘finfluencers’ promoting financial services across all social media channels, including memes, reels and gaming streams.
Finfluencers are influencers who offer advice and information on various financial topics, including insurance, often using engaging videos and graphics that appeal to young people ie under 25. According to Deloitte, 25% of 18-24-year-olds use social media when seeking financial guidance or advice, while 20% invest money based on social media recommendations. Their survey reveals that the majority of consumers across all age groups are turning to alternative sources for financial guidance and advice including MoneySavingExpert.
The updated Guidance does not introduce new obligations but warns firms and finfluencers to keep ads lawful. Insurance intermediaries working with finfluencers must take responsibility for how affiliates communicate comments and do not stray into giving advice. Most influencers are not FCA authorised and therefore cannot promote financial products or services subject to regulation without the approval of an FCA-authorised person.
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