Regulators across the globe, led by the 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 9 individuals and finfluencers[1] for promoting an unauthorised trading scheme.
- Consumers should check the FCA’s Warning List[2] before making any decision about how to invest their money. The FCA’s InvestSmart page[3] contains useful information to help people make better investment decisions.