TikTok Influencers Face UK Clampdown Over Financial Promos
- Financial adverts on social media must now carry risk warnings
- Watchdog says violators could face up to two years in prison
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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 Tuesday. The move follows a period of consultation within the industry.