Time to crackdown on ‘finfluencers’
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Time to crackdown on ‘finfluencers’
Influencers who generate content on financial topics are rapidly rising in popularity on social media, having been dubbed ‘finfluencers.’
The good news is that finance is becoming more accessible and appealing to younger generations through bite-sized, more light-hearted formats. Coupled with a lack of financial education in their school years, Gen Z and millennials are increasingly turning to finfluencers to improve their financial education and boost their levels of financial literacy. Unfortunately, this demand is not always being met by those qualified or experienced enough to educate others.
City watchdog involvement
The Financial Conduct Authority (FCA) is working with the Advertising Standards Authority to help educate influencers and consumers about the risks involved in promoting financial products.
Sarah Pritchard, FCA Executive Director, Markets said, “We’ve seen more cases of influencers touting products that they shouldn’t be. They are often doing this without knowledge of the rules and without understanding of the harm they could cause their followers. We want to work with influencers so they keep on the right side of the law, as this will also help protect people from being shown scams or investments that are too risky.”
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
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