Online reviews are much more than a marketing metric for financial services firms – they play a major part in influencing where consumers place their savings, arrange insurance, take out credit and choose financial products. If that picture is distorted, the consequences for the firm now extend well beyond reputation: this can create a material regulatory and conduct risk. Under the Digital Markets, Competition and Consumers Act, fake reviews and concealed incentivised reviews are banned practices. Andrew Winton and Daniel Mohacek from TruthEngine explain the resulting risks.
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