Could be, some perhaps offer useful advice, others are simply trying to sell get-rich-quick schemes. On the latter bunch of chancers, the FCA and other regulators are taking action;
Regulators across the globe, led by the Financial Conduct Authority (FCA), have joined forces to protect social media users from illegal financial promotions by rogue finfluencers.
Nine regulators, from Australia, Canada, Hong Kong, Italy, United Arab Emirates and United Kingdom took part in the week of action, which began on 2 June 2025.
In the UK, the FCA has:
- made 3 arrests with the support of the City of London Police (the National Lead Force for fraud)
- authorised criminal proceedings against 3 individuals
- invited 4 finfluencers for interview
- sent 7 cease and desist letters
- issued 50 warning alerts
The warning alerts will result in over 650 take down requests on social media platforms and more than 50 websites operated by unauthorised finfluencers.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said:
“Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.”
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