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.”
Notes to
editors
-
The following regulators
participated in the ‘global week of action against unlawful
finfluencers':
-
Australia, Australian Securities
& Investments Commission
(ASIC)
-
Canada, Alberta Securities
Commission (ASC)
-
Canada, Autorité des marchés
financiers (QAMF)
-
Canada, British Columbia
Securities Commission (BCSC)
-
Canada, Ontario Securities
Commission (OSC)
-
Hong Kong, Securities and
Futures Commission (SFC)
-
Italy, The Commissione Nazionale
per le Società e la Borsa (CONSOB)
-
United Arab Emirates, Securities
and Commodities Authority (SCA)
-
United Kingdom,
FCA
-
Finfluencers are social media
personalities who use their platform to promote financial
products and share insights and advice with their followers.
Many are acting legitimately and not breaking any laws. Others
are individuals who tout products or services illegally and
without authorisation through online videos and posts, where
they use the pretence of a lavish lifestyle, often falsely, to
promote success.
-
The FCA is unable to name those
arrested, invited for interview or with criminal proceedings
authorised against them.
-
The FCA has already taken
action against nine individuals
and finfluencers
for promoting an unauthorised
trading scheme.
