FCA probes 20 'finfluencers' over illegal financial product promotion

Financial promotion on social media

The Financial Conduct Authority (FCA) has launched an investigation into the activities of 20 social media influencers, or ‘finfluencers’, who are being interviewed under caution for potentially promoting financial products illegally.

This action is part of the regulator's broader effort to address the risks posed by unregulated financial advice on social media platforms. Alongside the interviews, the FCA has issued 38 alerts against social media accounts operated by finfluencers, flagging concerns that these accounts may be unlawfully promoting financial services. The regulator's action comes amid rising concerns about the influence of social media on young people's financial decisions. Nearly two-thirds (62%) of 18- to 29-year-olds follow financial influencers on platforms such as Instagram, TikTok, and YouTub...