{"id":604863,"date":"2023-02-05T07:49:13","date_gmt":"2023-02-05T13:49:13","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/05\/finance-regulator-finding-more-misleading-promotions-quicker-through-improved-digital-tools\/"},"modified":"2023-02-05T07:49:13","modified_gmt":"2023-02-05T13:49:13","slug":"finance-regulator-finding-more-misleading-promotions-quicker-through-improved-digital-tools","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/05\/finance-regulator-finding-more-misleading-promotions-quicker-through-improved-digital-tools\/","title":{"rendered":"Finance regulator finding more misleading promotions quicker through improved digital tools"},"content":{"rendered":"<div id=\"content-header\">\n<h2>UK finance regulator able to find and block misleading promotions faster through improved digital tools<\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"Karl Flinders\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Karl-Flinders\">Karl Flinders,<\/a><br \/>\n\t\t\t\t\t\t<span>Chief reporter and senior editor EMEA<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>03 Feb 2023 15:00<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>Last year saw a large increase in the number of financial product promotions the <a href=\"https:\/\/www.computerweekly.com\/news\/252509327\/Financial-Conduct-Authority-chooses-Aiimi-for-improved-information-discovery\">Financial Conduct Authority<\/a> (FCA) forced finance firms to remove or amend.<\/p>\n<p>A total of 8,582 promotions were pulled or changed after the FCA contacted firms promoting them, which was 14 times more than the previous year.<\/p>\n<p>The UK finance regulator also sent out 1,800 alerts warning consumers of scams.<\/p>\n<p>The FCA said part of the sudden increase in number of misleading promotions is its use of improved digital tools to identify scams and the firms behind them.<\/p>\n<p>Sarah Pritchard, executive director of markets at the FCA, said financial promotions must be fair, clear and not misleading.<\/p>\n<p>\u201cOur expectations remain the same,\u201d she said. \u201cWhat has changed is the FCA\u2019s approach. By drawing on better technology, we\u2019re finding poor quality or misleading ads quicker. And where we find them, we\u2019re stepping in to make firms improve them or remove them entirely.\u201d<\/p>\n<p>The FCA also said social media remains a major focus for the regulator\u2019s work in combatting misleading promotions. \u201cThis year, we will continue to put the pressure on people using social media to illegally promote investments, which put people\u2019s hard-earned money at risk,\u201d said Pitchard.<\/p>\n<p>While it has worked with tech companies to prevent social media-based scams, the <a href=\"https:\/\/www.computerweekly.com\/news\/252526476\/UK-finance-regulator-investigates-big-tech-finance-threats-and-benefits\">tech firms need to do more<\/a>.<\/p>\n<p>It has worked closely with big tech companies to change their advertising policies and ensure that only FCA-approved promotions are allowed, but the FCA added that \u201cmore needs to be done by tech companies to protect consumers\u201d.<\/p>\n<p>The FCA said it\u2019s concerned that pressure on households, resulting from the cost-of-living crisis, will make people more \u201csusceptible to scammers or adverts showing huge risk and unregulated products\u201d.<\/p>\n<p>The regulator is investing in technology and skills to support its efforts to monitor activity in the finance sector. In June 2022, as part of a \u201cheavy\u201d investment in data, it said it would <a href=\"https:\/\/www.computerweekly.com\/news\/252521918\/FCA-seeks-more-tech-expertise-in-fight-against-fraud\">hire people with expertise in artificial intelligence, analytics and data science<\/a>, as well as cloud engineering and digital technology.<\/p>\n<p>At the time, Jessica Rusu, chief data, information and intelligence officer at the FCA, said better use of data would allow it to be more proactive and find and stop harm faster. \u201cWe are continuing to improve our data, technology and capabilities to act decisively in consumers\u2019 interests, while making it easier for firms to report to us,\u201d she added.<\/p>\n<p>In August, the FCA announced plans to recruit more than 100 people to work at a <a href=\"https:\/\/www.computerweekly.com\/news\/252523496\/Financial-services-regulator-opens-digital-delivery-centre-in-Leeds\">new digital delivery centre in Leeds<\/a> and double the number of staff in its Edinburgh office to around 200 with more data and technology specialists.<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on IT for financial services<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.computerweekly.com\/news\/365530160\/FCA-cracks-down-on-misleading-promos-by-social-media-influencers\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/twitter_marketing_social media_fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/twitter_marketing_social%20media_fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/twitter_marketing_social%20media_fotolia.jpg 1280w\" alt ><\/p>\n<h5>FCA cracks down on misleading promos by social media influencers<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Alex-Scroxton-CW-Contributor-2022.jpg\" alt=\"AlexScroxton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Alex\u00a0Scroxton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/news\/252527994\/Fake-investment-ads-persist-on-Metas-social-networks\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/facebook-reflection-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/facebook-reflection-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/facebook-reflection-adobe.jpg 1280w\" alt ><\/p>\n<h5>Fake investment ads persist on Meta\u2019s social networks<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Alex-Scroxton-CW-Contributor-2022.jpg\" alt=\"AlexScroxton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Alex\u00a0Scroxton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/252526476\/UK-finance-regulator-investigates-big-tech-finance-threats-and-benefits\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/CityofLondon-GettyImages-597210573_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/CityofLondon-GettyImages-597210573_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/CityofLondon-GettyImages-597210573.jpg 1280w\" alt ><\/p>\n<h5>UK finance regulator investigates big tech finance threats and benefits<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/252525993\/Finance-regulator-cracks-down-on-use-of-messaging-apps\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/mobile-apps-spotify-mail-whatsapp-facebook-ed-use-only-NicoleLienemann-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/mobile-apps-spotify-mail-whatsapp-facebook-ed-use-only-NicoleLienemann-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/mobile-apps-spotify-mail-whatsapp-facebook-ed-use-only-NicoleLienemann-adobe.jpg 1280w\" alt ><\/p>\n<h5>Finance regulator cracks down on use of messaging apps<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/365530224\/Finance-regulator-finding-more-misleading-promotions-quicker-through-improved-digital-tools\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Augustine Pingree<\/p>\n","protected":false},"excerpt":{"rendered":"<p>UK finance regulator able to find and block misleading promotions faster through improved digital tools By Karl Flinders, Chief reporter and senior editor EMEA Published: 03 Feb 2023 15:00 Last year saw a large increase in the number of financial product promotions the Financial Conduct Authority (FCA) forced finance firms to remove or amend. A<\/p>\n","protected":false},"author":1,"featured_media":604864,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26943,330,46],"tags":[],"class_list":{"0":"post-604863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-regulator","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=604863"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/604863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/604864"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=604863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=604863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=604863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}