The Treasury Committee has written to the parent company of Facebook demanding to know why it takes so long for the social media platform to remove illegal content by finfluencers.
Chair Meg Hillier (pictured) asked Meta, “why it has taken you on occasion up to six weeks to respond to a takedown request from the Financial Conduct Authority?”
Hillier also asked the company to, “set out the total number of days in aggregate that Meta have allowed to elapse in which posts that the FCA requested to be taken down have remained online?”
The letter, dated 3 June, was sent to Meta’s director of public policy Rebecca Stimson. Hillier has asked Meta to reply by 20 June.
The move comes as the Financial Conduct Authority took the lead in an international crackdown on illegal finfluencers, or financial influencers this week.
The UK regulator is working with watchdogs from Australia, Canada, Hong Kong, Italy and the United Arab Emirates who this week took action against finfluencers who engage in illegal financial promotions.
The Financial Conduct Authority made three arrests together with the City of London Police and authorised criminal proceedings against three individuals.
In addition, the regulator has invited four finfluencers for interview, sent seven cease and desist letters and issued 50 warning alerts.
The watchdog says its warning alerts will result in over 650 take down requests on social media platforms and more than 50 websites operated by unauthorised finfluencers.
FCA joint executive director of enforcement and market oversight Steve Smart said: “Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.”
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