Celebrities and influencers face social media financial ads clampdown

Influencers have been warned about promoting financial products on social media as the City watchdog vowed to clamp down on illegal adverts. The Financial Conduct Authority (FCA) has issued updated guidance to online payday loans no credit check content creators on how to advertise on platforms such as Instagram.  The guidance relates to financial products such as online payday loans no credit check and pensions as well as investment schemes including cryptocurrencies.  It comes after Kim Kardashian was fined £1million in the US for failing to disclose she was paid £200,000 to promote cryptocurrency Ethereum Max to her millions of followers in 2021.  Financial promotions must be clear, fair and not misleading, the UK regulator said.  Crypto fail: Kim Kardashian (pictured) was fined £1m in the US for failing to disclose she was paid £200,000 to promote cryptocurrency Ethereum Max Adverts for risky products such as cryptocurrencies must also be labelled with clear warnings to consumers.  The watchdog reminded influencers that they could be committing a criminal offence if they promote financial products that are subject to regulation without approval.  The FCA said firms ‘are on the hook' for all their promotions and must make sure anyone they work with sticks to the rules.  Lucy Castledine, of the watch- dog, said: ‘Promotions aren't just about the likes, they're about the law. We will take action against those touting financial products illegally.'  RELATED ARTICLES Previous 1 Next Rocketing share price of Trump's social media firm is... Donald Trump's social media firm soars on its stock market... This isn't another Alliance Trust, insist Scottish Mortgage... Transatlantic bidding war breaks out for London-listed... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account DIY INVESTING PLATFORMS Easy investing Stocks & shares Isa £1.50 fund dealing 0.25% fee on fund holdings Investment ideas Free fund dealing Free fund dealing 0.45% account fee capped for shares Flat-fee investing online payday loans no credit check fees From £4.99 a month Trade shares and funds for £3.99 Social investing Social investing Share investing 30+ million global community Model portfolios Investment account Free fund dealing Free financial coaching Affiliate links: If you take out a product This is Money may earn a commission. This does not affect our editorial independence. > Compare the best investing platform for you If you loved this article and you also would like to collect more info pertaining to no credit check loans please visit our own site.