Great -Britain and other countries have performed against illegal advertising for financial products through such a made -up finfluencers. The British Financial Supervision Authority FCA said on Friday that three people in Great Britain were arrested. In addition, 50 written warnings were given.
The authority spoke about more than 650 requests to remove the content of online platforms and more than 50 websites that are managed by “non-authorized finfluencers”.
“Our message to Finfluencer is loud and clear,” said FCA representative Steve Smart. “You have to act in a responsible manner and you can only advertise for financial products if you are justified. Otherwise you must bear the consequences for that.”
Internationally coordinated
In her procedure, the British authority worked with colleagues from Australia, Italy, Canada, the United Arab Emirates and Hong Kong. So – related finfluencers – ie influencers in financial issues – offer financial tips, advertise for certain investment products and evaluate investment options in social networks.
This is in many cases legal. However, the British Supervision Authority warned that in some cases products or services were advertised “illegal and without permission”. Finfluencers would pretend that a luxurious lifestyle in online videos and messages to indicate how successful their financial tips are.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
