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First published on Tue 20 Apr 2021 11.38 EDT The City regulator has warned social media sites that it may take action if they continue to promote risky and sometimes fraudulent investments to often inexperienced consumers. The Financial Conduct Authority is concerned about the growing influence that sites such as YouTube, Instagram and TikTok are having on a new breed of mainly younger DIY investors, whom it believes are taking big financial risks when investing in cryptocurrencies, foreign exchange trading and other high-risk products. In a speech, Nikhil Rathi, the FCA’s chief executive, said the big internet companies “need to take greater responsibility” for their role in connecting consumers with these investment offers. He said too many of the “investment opportunities” that people were finding online “prove too good to be true”, and the FCA was looking at how social media sites were adapting to new rules on so-called financial promotions. “If needed, we will

United kingdomNikhil rathiFinancial conduct authorityUnited kingdom fintech weekஒன்றுபட்டது கிஂக்டம்நிகில் ரதிநிதி நடத்தை அதிகாரம்ஒன்றுபட்டது கிஂக்டம் ஃபிண்டெக் வாரம்