The FCA has finally finalised its updated guidance on financial promotions via the social media, basically confirming the draft on which it consulted in July 2023.
Perhaps the only real changes are to clarify where a foreign promotion may be capable of having an effect in the UK and so be subject to the UK restrictions.
The finalised guidance explains:
- what a financial promotion is
- the various financial promotion rules and where they apply
- the need for each communication to be 'standalone compliant'
- certain information must be given 'prominence'
- where the social media may or may not be suitable for financial promotions
- restrictions on high risk investments
- certain prescribed risk warnings
- marketing strategies in the context of the consumer duty, sharing/forwarding promotional communications and affiliate marketing
- restrictions on the use of influencers and social media platforms.
This post summarises the FCA's proposed new social media guidance for information purposes only. If you require legal advice, please get in touch.
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