“We're looking at how we can make some form of advice more accessible and to be able to answer some of the questions that people may have,” she said.
Social media
Francis said it was important to try and ensure those people who are unable to get advice because they may not be eligible for it, can have access to information and support from credible sources.
She explained: “One of the risks the FCA is mindful of at the moment is the rise of social media and the number of influencers that are out there who can put anything onto TikTok. We know increasing numbers of people are looking at social media to help with financial decisions.
“There is a worry that if the banks and the industry can't do more to offer support in a way the consumer wants, when they are looking for information, the risk is people potentially acting upon something they see or read that's been provided by somebody who isn't an expert.
“They could end up going down a route which is very high risk and could result in financial detriment to them.
"Whereas if they sought a different source of information, their outcome could have been very different. That's one of the things we're cognisant of and recognise. That's a role we can play and do play, but how can we make it a bigger role?”
However, Francis also believed social media could be useful for firms within the sector.
She said: “We're doing a lot to try and warn people of the scams and things to watch out for, to hopefully reduce them from falling victim to something.
“So there's almost two sides to the role of social media, one is the role we can play in trying to protect people, as well as the role that we can play in trying to use these channels to help educate and inform them as well as build their knowledge and confidence.”
alina.khan@ft.com
