Written evidence submitted by TikTok


Thank you for your letter requesting information regarding the steps TikTok takes to prevent the fraudulent online advertising of financial products as well as other measures we take to combat online fraud. We welcome the opportunity to engage with the Committee on this important issue.


As set out in this letter, we take a strict approach to financial services advertising on the TikTok Platform. Given the large number of consumer users, we take issues such as fraud seriously and recognise the importance of working with organisations such as the FCA to address consumer harm. We are also active members of the Online Fraud Steering Group and meet regularly with relevant government officials from the Home Office and DCMS. The measures in place outlined in this letter evidence our commitment to preventing fraud and scams on the TikTok Platform.


Before addressing your specific questions, it is important to understand the types of content hosted on the TikTok Platform. Content can be broadly divided into two groups:


1.      User-generated Content - This encompasses any content created and posted by users, other than Paid Ads (described below). This content is subject to TikTok’s Terms of Service, which prohibit users from posting unlawful content and also incorporate the fuller restrictions set out in TikTok’s Community Guidelines. TikTok uses a combination of (i) automated moderation technologies and (ii) human review to identify User-generated Content that is non-compliant with the Community Guidelines. For ease of reference, our Community Guidelines on this area are as follows:


Frauds and scams


1.      We do not permit anyone to exploit our platform to take advantage of the trust of users and bring about financial or personal harm. We remove content that deceives people in order to gain an unlawful financial or personal advantage, including schemes to defraud individuals or steal assets.


2.      Do not post, upload, stream, or share:


2.      Paid Ads - The TikTok Platform provides paid advertising space, allowing business users to post advertising campaigns. Advertisers are responsible for their own advertising content, but this must comply with TikTok's advertising policies, as well as applicable law and regulations. As explained further below, TikTok's advertising policies include specific rules restricting the promotion of financial services in order to ensure that, whenever applicable, Paid Ads users are authorised by the FCA / PRA to provide their advertised services. Paid ads are moderated by TikTok for compliance with these advertising policies.


I will now endeavour to answer each of your questions in turn.


1. Expenditure by the Financial Conduct Authority (FCA) and other public bodies on your platform to protect consumers


called #FactCheckYourFeed to equip our community with the skills they need to critically engage with content, navigate our platform safely and guard themselves against potential harms.



Data transfer to identify and prevent fraud and other economic crime



Advertising policies for financial services



Policy on promotion of tax avoidance schemes



Revenue from unauthorised firms advertising of financial services



Meetings with government departments about economic crime



Compensation of customers for financial fraud


We hope the above addresses your questions. Please do contact me if I can provide additional information.




Liz Kanter

Director Government Relations


November 2021