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ARTICLE · 07 NOVEMBER 2024

FinReg Update: FCA Cracks Down On Finfluencers

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The UK FCA is targeting unregulated 'finfluencers' promoting financial products on social media without authorization. These influencers may face criminal charges for advising or promoting investments, especially targeting vulnerable young audiences, including cryptocurrency promotions.

United KingdomFinance and Banking
Sam Sykes
Sam Sykes
Daniel Tunkel
Daniel Tunkel
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At a glance

Are you a 'finfluencer'? Or are you perhaps an investor who has been misled by a 'finfluencer'? The developments summarised below will be of considerable interest in either case.

The UK Financial Conduct Authority ("FCA") announced on 22 October 2024 that it is cracking down on 'finfluencers' – that is, 'financial influencers' who may be deemed to promote or advise on financial products and investments on social media, but without requisite FCA authorisation. FCA is interviewing 20 such finfluencers under caution. This comes hot on the heels of a previous enforcement case against individuals promoting an unauthorised forex trading scheme on Instagram.

Focus on finfluencers: why is FCA concerned?

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