Nearly 20,000 financial promotions were withdrawn or amended in 2024 after intervention from the Financial Conduct Authority (FCA), almost twice as many as in 2023, according to the regulator.
In particular, claims management companies saw the highest number of withdrawn promotions in 2024, with 9,197 pulled from circulation.
According to the FCA, many of these promotions were related to housing disrepair and motor finance claims, often targeting vulnerable consumers.
The regulator also raised concerns about promotions related to cryptoassets and debt solutions.
In response, the FCA renewed its call for social media platforms to take stronger action in identifying and preventing illegal financial promotions.
This comes after the regulator ramped up enforcement last year, as it launched targeted action against finfluencers, resulting in 20 people being interviewed under caution.
Lucy Castledine, director of consumer investments at the FCA, said: “Over the past year, we have seen a growing number of misleading and illegal financial promotions. We have stepped up our efforts in response to make sure that financial promotions are clear, fair, and accurate,
“We expect firms to take the necessary steps to meet standards and will continue to work with other bodies, including social media platforms, to prevent illegal promotions being pushed to consumers.”