Scams: FCA blocks more than 10,000 ads from Instagram, Facebook and YouTube

Financial watchdog warns over rise of fin-fluencers' targeting younger people on social media

More than 10,000 misleading financial promotions and scams aimed at consumers via social media sites such as Instagram, Facebook, YouTube and TikTok have been identified and targeted by the financial watchdog during the past year.

The Financial Conduct Authority (FCA) said the use of social media marketing channels and the rise of so-called fin-fluencers" - particularly directing investment products at younger age groups - exploded last year, resulting in a record number of takedown notices and alerts.