The Financial Conduct Authority has outlined new guidance proposals aimed at combatting illegal and non-compliant social media ads and promotions and the potential damage from some ‘finfluencers.’

The FCA has warned that younger people approach dating more seriously than they approach investing - and exposing themselves to risks of financial harm as a result.

The Financial Conduct Authority told firms to amend or remove 8,582 financial promotions during 2022 - 14 times the level of 2021.

The FPSB, the global standards setting body for Certified Financial Planners, has urged regulators to get tougher on social media ‘finfluencers’ who promote financial products or give financial tips, often via YouTube or social media.