DIY investors on TikTok, YouTube and Instagram are being warned about cryptocurrencies and other high risk products.

The financial regulator has also said it may take action if social media sites continue to promote risky and sometimes fraudulent investments.

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DIY investors on TikTok, YouTube and Instagram are being warned about cryptocurrenciesCredit: Getty – Contributor

In a speech, Nikhil Rathi, chief executive of the Financial Conduct Authority (FCA), said online search and social media companies “need to take greater responsibility” for connecting consumers with these investment offers.

He said too many of the “investment opportunities” that people are finding online “prove too good to be true”.

Mr Rathi also reiterated an FCA warning on cryptocurrencies from January, saying: “If you invest, you should be prepared to lose it all”.

The FCA regulates advertising for most financial…

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