Almost 20,000 financial promotions were withdrawn or changed in 2024 following action from the Financial Conduct Authority (FCA), nearly double the amount in 2023.

The regulator said that it had particular concerns around advertising for cryptoasset debt solutions and claims management company (CMC) promotions.

Some 9,197 CMC promotions were withdrawn in 2024, and the FCA said that many of these promotions were related to housing disrepair and motor finance claims targeted at vulnerable consumers.

Around 2240 warnings were issued by the FCA about unauthorised or potential scam firms in 2024.

Additionally, the financial watchdog said it has strengthened rules around financial promotions, including the introduction of the Section 21 Gateway, which now requires firms to obtain FCA permission before approving promotions for unauthorised persons.

The authority added that social media platforms need to do more to proactively identify and prevent illegal financial promotions.

Last year, the FCA launched targeted action against ‘finfluencers’, resulting in 20 people being interviewed under caution.

“Over the past year, we have seen a growing number of misleading and illegal financial promotions so we have stepped up our efforts in response to make sure that financial promotions are clear, fair, and accurate,” said Lucy Castledine director of consumer investments at the FCA. “We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed at consumers.”

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