FCA Calls for Financial Firms to Help Clean Up Social Media

Published on May 6, 2025

Snapshot
The UK’s Financial Conduct Authority (FCA) is urging regulated financial services providers to increase their presence on social media to help push out bad actors and protect consumers. Speaking before the Treasury Committee, FCA Director of Consumer Investments Lucy Castledine emphasized the regulator's intent to foster a space where trustworthy financial education can thrive—provided it doesn't cross into unregulated advice.

The rise of “finfluencers” and online scams has prompted greater FCA scrutiny. While the authority acknowledges the importance of financial literacy, it draws a clear line between education and unauthorized product promotion. Through its Advice Guidance Boundary Review, the FCA aims to carve out a compliant space for informative content that doesn’t break regulatory rules.

Castledine said the FCA welcomes participation from legitimate firms that abide by compliance standards, calling their involvement key to “crowding out” harmful content. Enforcement Director Steve Smart added that not all financial influencers are problematic, and accurate guidance is encouraged when done responsibly.

However, Castledine noted frustrations with slow takedown times from some platforms, singling out Meta, which took up to six weeks to act on certain FCA alerts last October. She confirmed that while most requests are eventually honored, the delay in response times is a concern.

The message is clear: the FCA wants more industry players to be part of the social media conversation, not just to build trust, but to counteract misleading voices in the digital financial ecosystem.

Full story: FT ADVISER

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