Number of misleading financial ads removed from Watchdog, doubled last year – Irvine Times

The Financial Conduct Authority (FCA) said last year it intervened with just under 20,000 misleading ads, about half of them being from companies for consumer claims.

The so -called CMCS Company (CMCS) Company for compensation on behalf of the User when they think they may be entitled to money back on a transaction.

They often work on a basis without a no-charge profit-but the catch usually pays much of each CMC payment.

The observation said that just under 9,200 ads of this type of company were defective after intervening last year.

Many of them were aimed at vulnerable customers on issues such as disintegrating homes or claims for incorrectly sold loans for car financing.

FCA said that although he had increased his police from misleading ads, there were more of them in 2024 than in previous years.

He also pointed out concerns about advertisements from cryptocurrency and debt tips.

Lucy Castelin, director of consumer investment at FCA, said: “In the last year we have seen an increasing number of misleading and illegal financial promotions.

“We have intensified our efforts in response to make sure that financial promotions are clear, fair and accurate.

“We expect companies to take the necessary steps to comply with the standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions from being driven by consumers.”

The regulator has also called on social media platforms to work more in the proactive selection of ads that can be misleading or illegal.