The City watchdog cracked down on more than 10,000 financial promotions last year, a 17 per cent year-on-year increase.

The Financial Conduct Authority (FCA) said it also published 2,285 alerts to help prevent consumers from losing their money to scams, up from 1,800 in 2022.

Cryptoasset promotions have been a particular focus for the FCA since it was given new powers by the government. It issued 450 consumer alerts relating to cryptoassets between 8 October 2023 and 31 December 2023.

Additionally, the regulator has raised concerns about the rise of influencers promoting financial products, including credit and investments, on social media. It said these often target younger age groups.

“People need clear, fair and accurate information to base their financial decisions on,” said Lucy Castledine, director of consumer investments at the FCA.

“We will continue to intervene and take action when we identify firms not meeting our minimum standards.”

As of 7 February 2024, authorised firms need permission from the FCA if they want to approve promotions for unregulated entities. The regulator said this is to ensure that firms that approve financial promotions have the required competence and expertise.

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The new measures are underpinned by the Consumer Duty, which came into force in July 2023. The Duty requires all FCA-authorised firms to demonstrate that they are providing consumers with information which helps them to make effective and informed decisions about financial products and services.