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Nearly 80pc of Generation Z and Millennials have used social media to find financial advice, a survey from the Financial Services Compensation Scheme, a lifeboat fund, found last year.
Lucy Castledine, director of Consumer Investments at the FCA, said: “Any marketing for financial products must be fair, clear and not misleading so consumers can invest, save or borrow with confidence.
“Promotions aren’t just about the likes, they’re about the law. We will take action against those touting financial products illegally.”
Laura Suter, director of personal finance at online platform AJ Bell, said: “There is a darker side to many of these posts, and a significant risk of ‘finfluencers’ spreading misinformation or encouraging high-risk behaviour, such as day trading in individual stocks, without properly explaining those risks.
“There’s a real danger that financial social media becomes a wild west, rather than a space to get accurate, clear information on financial planning,” she added.
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