Over 10,000 financial adverts and other promotions were withdrawn or changed in 2023 following intervention from the Financial Conduct Authority (FCA).

This is a year-on-year increase of 17%.

The regulator revealed it also published 2,285 alerts to help prevent customers from losing their money to scams, up from 1,800 in 2022.

The FCA was given new powers by the Government to focus on illegal cryptoasset promotions to UK consumers, including 450 consumer alerts between 8 October and 31 December 2023.

Amid a rise in the number of influencers promoting financial products, including credit and investments on social media, the FCA has highlighted concern over these promotions often targeting younger age groups.

Director of consumer investments at the FCA, Lucy Castledine, said: "People need clear, fair and accurate information to base their financial decisions on. We will continue to intervene and take action when we identify firms not meeting our minimum standards."

As of last week (7 February), authorised firms need permission from the FCA if they want to approve promotions for unregulated persons. This makes sure that firms approving financial promotions have the required competence and expertise for the promotions being offered.

The FCA said that this is underpinned by the Consumer Duty which came into force in July last year. It requires firms to demonstrate they are providing consumers with information which helps them to make effective and informed decisions about financial products and services.

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