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FCA social media guidance set for refresh

Social media and video hosting service TikTok is displayed on a smartphone screen alongside that of that of YouTube, instant messaging software Whatsapp Facebook, Twitter, Instagram, Quora, Facebook Messenger and Snapchat on March 16, 2023 in Bath, England.
Photo: Matt Cardy/Getty Images

Summary of the FCA social media guidance together with common issue highlights and steps how firms should best prepare.

In July 2023, the FCA announced its guidance consultation for financial promotions on social media (GC23/2).

In recent years, social media has increasingly become a go-to source of information for consumers. Accordingly, it is crucial that consumers can trust the information they receive online about financial products and services.

Why is