SMFSC Removed 12,000 Misleading Financial Ads in 2021

The San Marino Financial Standard Council (SMFSC) has intensified its oversight of financial marketing, halting and amending more than 12,000 misleading advertisements and promotions over the past year—a figure almost double that of 2020. The surge, the council says, reflects both the scale of deceptive marketing and the regulator’s determination to shield investors from misinformation.

Many of the banned promotions originated online, often dressed up as harmless “investment tips” or “educational content.” Behind the upbeat slogans, however, SMFSC investigators found unlicensed brokers, exaggerated promises of instant returns, and financial influencers paid to endorse risky products without disclosure.

“People are being drawn into high-risk investments by entertainment,” an SMFSC official told reporters. “We are not trying to silence financial conversation—we are insisting on honesty.”

The regulator’s analysts spent much of 2021 tracking adverts across social media, search engines, and streaming platforms. They identified a clear pattern: retail investors were being targeted with content that blurred the line between regulated and unregulated products, especially in cryptoassets, foreign exchange, and CFD trading. Some posts even used fabricated testimonials or claimed association with licensed firms that had no involvement whatsoever.

While most interventions resulted in the voluntary removal or correction of offending materials, several repeat offenders now face potential fines and long-term bans. SMFSC has also referred certain cases to international authorities where offshore entities were involved.

Industry insiders admit the line between digital marketing and financial advice has become dangerously thin. “Influencers speak the language of trust—fast, casual, and persuasive,” said one compliance expert in San Marino. “That makes oversight harder, but it also makes it essential.”

In parallel, SMFSC is working with major online platforms to improve content screening and create clearer channels for reporting financial scams. A set of revised digital promotion standards is expected later this year, introducing stricter disclosure rules and a formal “pre-approval” requirement for high-risk investment marketing.

Consumer education will remain another front in the regulator’s campaign. The council has launched a public initiative encouraging investors to verify firms’ authorisation status and to treat “guaranteed profits” as a red flag rather than an opportunity.

SMFSC’s leadership believes these combined efforts are already reshaping the culture of financial communication. The council’s chair summarised the message succinctly:

“Financial freedom begins with truthful information. Our job is to make sure every investor hears the truth before they risk their money.”