TikTok influencers face UK clampdown over financial promos

The Financial Conduct Authority outlined the fresh guidance for so-called ‘finfluencers’, users who advertise financial products on social media platforms like Instagram or TikTok, in a 47-page report on March 26. — Reuters

A top UK regulator warned social media influencers that they face as long as two years in prison if they don’t provide proper risk warnings when pitching consumers on financial products.

The Financial Conduct Authority outlined the fresh guidance for so-called “finfluencers”, users who advertise financial products on social media platforms like Instagram or TikTok, in a 47-page report on March 26. The move follows a period of consultation within the industry.