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The UK’s Financial Conduct Authority (FCA) is ramping up its regulatory scrutiny of social media influencers, popularly known as “finfluencers”, who use their platforms to promote financial products. In a significant development, the FCA has called in 20 individuals for interviews under caution. In conjunction with these interviews, the FCA issued 38 alerts targeting social media accounts managed by finfluencers suspected of promoting financial products unlawfully. These recent actions form part of the FCA’s ongoing strategy to curb misleading financial promotions, particularly...

An Ofcom investigation concluded that GB News' "People’s Forum: the Prime Minister" (the Programme) broadcast on 12 February 2024 broke broadcasting due impartiality rules (see IRIS 2024-6). Subsequently, on 4 October 2024, Ofcom indicated that its initial view is that this represents serious and repeated breaches by GB News of the impartiality rules. Ofcom is starting the process to determine whether a statutory sanction against GB News should be applied. The Sanction Panel will reconsider this initial determination about the Programme which comprised a live, hour-long...

The Media Act 2024 (the Act) received royal assent on 24 May 2024. The Act increases the regulation of Video-on-Demand services (VOD). Many VOD services are not regulated by Ofcom’s Broadcasting Code (the Code) which determines standards for harmful, offensive material. The Act brings mainstream VOD services under the Code's rules concerning harmful content and impartiality. Non-UK based VOD services are not currently regulated by Ofcom and may now be designated as “Tier 1” in regulations yet to be published. Tier 1 mainstream VODs will comply with similar rules for...

In May 2024, the Financial Conduct Authority (FCA), the UK’s independent regulator of the financial services industry, announced that it had brought charges against a group of reality TV stars and social media influencers for promoting unauthorised investment schemes. This case marks the first prosecution by the FCA against individuals described by the neologism "finfluencer", highlighting the growing intersection between social media influence and financial regulations. The accused, including prominent figures from popular shows like Love Island and The Only Way is Essex, have...

An Ofcom investigation today concluded that "People’s Forum: The Prime Minister" (the People’s Forum) broadcast on 12 February 2024 by GB News breached broadcasting due impartiality rules. The determination was considered in the context of serious and repeated breaches of Ofcom's impartiality rules, and as a consequence the regulator is considering a statutory sanction against GB News. Ofcom received 547 complaints about the People’s Forum which is a live, hour-long current affairs programme. The episode featured the prime minister, Rishi Sunak,...