Britain's financial services regulator announced guidelines for financial services companies and social media influencers making memes about cryptocurrencies and other investments in a bid to tackle a rise in scams. The Financial Conduct Authority said in a statement Tuesday that any marketing for financial products — including those expressed in memes — should be fair, clear, and not misleading. The watchdog said that financial social media influencers, or "finfluencers," must have the approval of an FCA-appointed representative before publishing advertisements and memes about financial products and services, the FCA said. We will take action against those touting financial products illegally," Lucy Castledine, director of consumer investments at the FCA, said in a statement Tuesday. The FCA said that, in 2022, it took down over 10,000 misleading adverts about financial services.

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Persons: Lucy Castledine Organizations: Financial, Authority, FCA