(Bloomberg) -- Britain’s markets watchdog asked firms to amend or remove 8,582 promotions last year — 14 times more than 2021 — as it targets a growing number of internet personalities posting ads that break its rules. 

So-called finfluencers, who advertise financial products on social media, have become a growing concern for the Financial Conduct Authority, the regulator said in a statement Friday. It’s already acted against several influencers over the past year, in the most serious cases referring them for criminal investigation. 

“This year, we will continue to put the pressure on people using social media to illegally promote investments, which put people’s hard-earned money at risk,” said Sarah Pritchard, the FCA’s executive director of markets. The watchdog is also concerned that people struggling with their finances during the UK’s cost-of-living crisis “may be more susceptible to scammers or adverts showing high risk, unregulated products.”   

The FCA last month warned that some City of London firm may have difficulties to implement its new consumer protection rules, which come into force at the end of July.

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