Promoters using social media issued warning and detailed guidance

Firms and influencers can breach the rules even in private chatrooms or if a promotion is made outside the United Kingdom and was not intended for a UK audience.

By Neasa MacErlean

These are among the issues explained in the FCA's finalised guidance on 'financial promotions on social media'. The regulator also reminds firms and individuals that breaches can result in up to two years' imprisonment and/or unlimited fines.