Action is needed from the UK's regulators to force social media giants to tackle the shady side of social media influencers and false advertisements.
The FCA should be deeply concerned that advisers have clients arriving at their offices having already invested six figure sums as they took talk about the latest big financial thing on social media as the equivalent of a fantastic, trustworthy tip worth betting the price of a London property on.
If action isn't taken in this area I can't help but feel the next big mis-selling scandal won't be down to financial advisers or traditional product providers.
The next big mis-selling scandal will be caused by social media influencers who the FCA needs to recognise as selling products.
emma.hughes@ft.com
