Banning Financial Incentives for Crypto Investment: FCA's Latest Step to Combat Illegal and Non-Compliant Financial Promotions
The Financial Conduct Authority (FCA) has recently announced new measures to combat illegal and non-compliant financial promotions on online platforms. The updated guidance clarifies the expectations that firms have when marketing financial products, and those found to be in breach of these regulations will face consequences such as the ban of bonuses and incentives related to investments in cryptocurrency from October 2023. Alongside this, the FCA has been engaging with Big Tech companies to ensure that only promotional material authorised by FCA-authorised firms is displayed. These changes are intended to protect consumers from potential harm when making investment decisions online.