On 26 March 2024, the Financial Conduct Authority (FCA) published finalised guidance (FG24/1) clarifying its expectations on how financial promotions should be communicated on social media by firms as well as others, such as influencers.


The FCA consulted in 2023 on updated guidance for financial promotions on social media, following concerns that poor quality promotions through these channels can lead to significant consumer harm due to their wide reach and the complex nature of many financial products and services. After considering the feedback it received to that consultation and making some targeted amendments to its previous guidance (FG15/4), the FCA is replacing FG15/4 with the new finalised guidance, FG24/1.

The finalised guidance

The guidance sets out how advertisements across social media channels – including memes, reels and gaming streams promoting financial services – must be fair, clear and not misleading. It highlights that this means content must be balanced and carry the correct risk warnings to ensure that consumers can make well informed financial decisions. Due to the increased role of social media in firms’ marketing strategies, the FCA has emphasised they need to ensure influencers they work with communicate to their followers in the right way. Influencers are reminded that promoting financial products without approval from an FCA-authorised person with the correct permission could constitute a criminal offence.

The FCA also warns that for complex financial products, social media will not always be the best platform for promotion, especially where a platform offers limited characters or space. It emphasises that its scrutiny of financial promotions has intensified, noting that last year it removed over 10,000 misleading products which was an increase from 8,500 in 2022.

The guidance in FG24/1 does not create new obligations for those that promote financial products and services on social media, but indicates how they might approach complying with their existing regulatory obligations. For unauthorised persons such as influencers and other affiliate marketers, FG24/1 explains where their communications might fall within the regulatory perimeter and how the FCA rules apply to their activities.

Lucy Castledine, the FCA’s Director of Consumer Investments, 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.”