If you create content about financial products or services, these steps can help you to understand what checks to carry out before posting.
Watch: The future of financial content
Financial promotions
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A financial promotion is a communication that persuades or encourages someone to buy, invest in or use certain financial products or services. This can include, but is not limited to, a social media post, video, livestream, story or other online content.
In the UK, a financial promotion must be either issued by an authorised person, approved by an authorised person who is permitted to approve it, or be exempt. This is known as the financial promotions restriction[2].
If you post content about financial products or services on social media, online, or on other platforms, your content may be a financial promotion. Financial promotions are subject to specific rules. This can apply whether you are paid, earn commission, receive gifts or other benefits, or even if you do not currently receive any payment or reward for sharing the content.
If you are based outside the UK, the financial promotion restriction may still apply where people in the UK can view the promotion and potentially act on it. Breaching the financial promotions restriction is a criminal offence punishable by up to 2 years’ imprisonment, an unlimited fine, or both. It’s important to understand your responsibilities before sharing content.
Read more about financial promotions on social media (PDF)[3].
Financial promotion rules
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Financial promotion rules help ensure that:
- Financial products and services are explained clearly.
- Promotions do not emphasise benefits while hiding relevant downsides and risks.
- Consumers are not misled.
This matters because financial products can be complex, for example, someone could lose all the money they invest because they did not understand the risks, or take out credit without understanding the total costs and charges.
What we are doing to help content creators get it right
We have worked with content creators across a range of campaigns, including our ghostbroking[4] campaign, our partnership with Sharon Gaffka and the Advertising Standards Authority (ASA)[5], and our motor finance compensation campaign[6].
By helping to communicate important messages in a relatable and accessible way, content creators can play an important role in helping consumers understand financial products, recognise risks and make more informed financial decisions. We will continue to work with content creators and other partners where collaboration can help consumers.
Steps to take before you post
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Use this information if:
- You're planning to post about a financial product or service.
- You're about to promote or discuss financial products online.
- You're about to work with a financial firm, brand or affiliate partner.
- You're unsure whether our financial promotion rules may apply to you.
This page will help direct you to useful information and should be read alongside our relevant rules and guidance, which are listed within the steps below. It is not legal advice.
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1
Understand if your content is a financial promotion
Is there a communication?
Are you posting, sharing, reposting or otherwise causing financial content to be communicated to consumers?
Does your content promote or encourage engagement with a financial product or service?
Consider whether your post, video, livestream, story, affiliate content or other online communication invites or encourages people to buy, invest in or use a financial product or service. If it does, it may be a financial promotion.
Read more about the types of products that come under these rules[7].
Our guidance on financial promotions on social media (PDF)[3]
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2
Do your due diligence
Who is behind the promotion?
In the UK, almost all financial firms must be authorised or registered with the FCA. It is important to check who you are promoting.
Before sharing content, check the firm, brand, introducer or affiliate partner you're working with. This can help you understand who you're promoting and reduce the risk of sharing content linked to unauthorised activity.
You can use the FCA Firm Checker[8] to see whether a firm is authorised and has permission for the services it’s offering.
You can use the Financial Services Register[9] to check a firm’s full regulatory record, including whether it has permission to approve financial promotions. This is an important check when deciding whether to work with a firm, but it may not be sufficient on its own. You should also consider what wider due diligence may be appropriate in relation to the firm, product and promotion.
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3
Decide if you have a direct or indirect commercial interest
Do you have a commercial interest in the product, service or firm you're promoting?
Check whether you receive payment, commission, gifts, affiliate income, future commercial opportunities, increased platform revenue or another direct or indirect benefit from posting or sharing the content.
Content may still need to be assessed even if you don’t receive payment. For examples of commercial relationships and other benefits, see the 'In the course of business' section (PDF)[10] of our social media guidance.
The FCA and the ASA share a remit over financial advertising. The ASA will look at matters of widespread offence and social responsibility. You may need to consider the ASA requirements[11] if you're posting content as part of a paid partnership, affiliate arrangement or other commercial relationship.
While we regulate financial promotions, the ASA applies the UK advertising rules.
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4
Check the firm, product and promotion looks genuine
Does something look risky or wrong?
If something about a firm, product or promotion doesn't seem right, investigate before posting or sharing the financial content with consumers. For example, a firm is promising guaranteed returns or asking you to reference time-limited offers to pressure consumers to act quickly.
Checking for warning signs can help you protect yourself and your audience from scams[12], unauthorised activity, or promotions that may be unclear, unfair or misleading.
Search our Warning List[13] to find details of firms and individuals that we’re aware of that are operating in the UK without authorisation.
You can also report suspected scams or unauthorised activity[14].
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5
Consider the risks of the product or service you're promoting
What type of product are you promoting?
Some financial products have additional rules that apply to their promotion as they are seen as higher risk. For example, you may not be allowed to promote some very high-risk investments to retail consumers.
See our guidance on high-risk investments and cryptoasset guidance[15], and further information on InvestSmart[16].
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6
Check the promotion has been approved
Before posting, check whether the promotion has been made or approved by a firm that is authorised to do so, or whether a specific exemption applies.
'Approved' means that an authorised firm with the appropriate permission has reviewed the financial promotion for compliance purposes and confirmed its approval.
If you are not sure who has approved the content, what permissions they have, or whether an exemption applies, pause before posting and check the relevant information on the FS Register[10].
If an authorised firm approves a promotion, that approval may no longer apply if you change the content and communicate it without permission.
