The FCA has threatened to crack down on influencers and finance firms that publish financial promotions on social media platforms that are not fair and clear.

Over 10,000 financial adverts and other promotions were withdrawn or changed last year following intervention from the FCA.

The FCA has tightened its rules on firms’ ability to approve financial promotions for unauthorised persons.

Some 56 FCA-regulated firms amended or withdrew 5,310 financial promotions or advertising between 1 July and 30 September following intervention by the regulator.