“What would have a far bigger impact is cracking down on social media accounts where people claim to have made their millions from buying Bitcoin, most of which are ultimately scams or glorified pyramid schemes.”
The FCA said in October that social media firms should be forced to stop financial adverts by implementing “systems and controls”.
This was after the government continued to refuse to include paid for adverts in the upcoming Online Safety bill.
Three social media giants have meanwhile agreed to change the way they manage adverts in order to clamp down on online scams.
The latest legislation changes will be brought forward when parliamentary time allows and the government intends to put in place a transitional period of around six months between the finalisation and publication of the proposed law and the associated FCA rules.
sally.hickey@ft.com
