Speaking at the regulator’s annual public meeting on Tuesday (28 September), executive director of enforcement and market oversight Mark Steward said the regulator was working to get social media firms, such as Facebook and Twitter, to address their procedures. “We must take action,” he said.

“We are putting them on notice that we expect them to be involved in this process of protecting the community.”

The FCA highlighted the increase in incidents of fraud over the past 18 months, with many linked to online scams.  

Steward added the regulator deemed the interaction with social media firms as urgent despite those companies not falling within its regulatory remit.

“We want consumers to be able to have confidence and trust in their investments. We are investing in our ScamSmart site that provides consumers with information to avoid scams.

“We now know which are the firms’ consumers should avoid, and are now able to add other firms in that list within 24 hours from their appearance online,” added Steward.

Search engine Google has recently changed the terms of its advertisements to exclude non-FCA regulated financial promotions from its searches, a move Steward said had an immediate impact.

“We also know that scams will continue trying to feed social media with dodgy financial promotions. We are talking to all social media firms to make them change their approach and procedures otherwise, we must take action.

“Scams are becoming very sophisticated. We’ll pursue cases as far…

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