Martin Bamford: Rely on the regulator? Only advisers can save public from nonsense online
I waste far too much time scrolling through videos on TikTok. Some are informative or educational, but the vast majority are about as intellectually stimulating as watching an episode of Love Island. However, occasionally I stumble upon one that gets my hackles up and triggers a sense of outrage.
There are some utter charlatans on social media when it comes to investing and finance topics. Content ranges from the mildly dangerous to the outright scam, with the fraudsters directing their unsuspecting viewer towards a brokerage account under their control or a Ponzi scheme.
It is difficult to combat this sort of thing. The international and largely unregulated nature of social media makes it virtually impossible for regulators to monitor and shut down dangerous content. The platforms themselves give it a good go but seem more concerned with other rule breaches.
So, I have become…