Under scrutiny! FCA takes action against Freetrader and its influencer marketing strategy!
Social media is a powerful marketing tool, and influencers are the name of the game. The best influencers on Instagram and TikTok earn millions. Regulated financial institutions and scammers deploy influencers to chase after clients and victims, respectively. Lately, the UK FCA has taken action against Freetrade and ordered the regulated broker to remove all paid-for sponsored influencer advertisements and posts across all social media platforms, including without limitation Instagram, TikTok, Facebook, and YouTube.