Rocio Concha, Which? Director of Policy and Advocacy, said:
“The cost of living crisis will undoubtedly be pushing more people to look for investments that could help ease the current financial strain, so it is good to see the FCA putting new rules in place that will see firms having to more clearly communicate the risks involved.
“However, to fully stamp out the problem of misleading investment promotions, it is also vital that the government uses its Online Advertising Programme work to require online platforms and other players in the advertising ecosystem to introduce processes that protect consumers. This would help change a failed reactive approach to one based on prevention.
“This must be backed up by a statutory regulator with powers to crack down on the problem and prevent these adverts appearing in the first place – which will also require ad tech providers to collect and share data on scams and misleading adverts.”
Notes to editors
- The above call for regulation applies to platforms and intermediaries (ad tech providers) not already covered in the Online Safety Bill.