Recital 42

(42) Financial services concluded at a distance can be marketed on social media, for instance, by influencers. Consumers could be encouraged to make decisions without reflecting on the consequences and risks implied and they could purchase financial services which do not correspond to their needs. The Commission should assess traders’ marketing practices on social media promoting financial services concluded at a distance and the possible need for action in that regard. This should, for example, be done in the light of the application of Directive 2005/29/EC and other relevant Union legislation to such practices. There have been instances in Member States where influencer marketing practices have misled consumers through advertising certain financial services products on social media platforms without informing about the risk of loss for consumers. Directive 2005/29/EC contains provisions to ensure that misleading practices which deceive or are likely to deceive the average consumer are prohibited and that material information that the average consumer needs in order to take an informed transactional decision cannot be omitted. Those provisions can be deemed to cover influencer marketing practices on social media platforms.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-11 · Text as adopted (Official Journal); later amendments are not incorporated in this text.