Tech giants Facebook, Microsoft, Twitter and TikTok need to “do the right thing” when it comes to promotions and advertisements for financial products that have not been approved by an FCA-authorised firm, chair of the regulator Charles Randell said.

“Google has committed to stop promoting advertisements for financial products unless an FCA authorised firm has cleared them,” said Randell during a speech at the Cambridge International Symposium on Economic Crime on 6 September. “Google is doing the right thing and we will monitor the impact of its changes closely.”

“We now need other online platforms – Facebook, Microsoft, Twitter, TikTok – to do the right thing too. And we think that a permanent and consistent solution requires legislation,” the Financial Conduct Authority’s chair added.

The financial sector is grappling with the negative impact of social media on retail investors and other consumers which peaked during…

Read more…