Regulators across the globe, led by the FCA, have joined forces to protect social media users from illegal financial promotions by rogue 'finfluencers'.
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.
Nine regulators, from Australia, Canada, Hong Kong, Italy, United Arab Emirates and United Kingdom took part in the week of action, which began on 2nd June 2025.
In October, the FCA announced that it had interviewed 20 social media finfluencers under caution and was launching targeted action against those touting financial services products illegally.
Since then, the FCA has made three arrests with the support of the City of London Police and authorised criminal proceedings against three individuals.
It has also invited four more finfluencers for interview, sent seven cease and desist letters, and 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.
The regulator has previously taken action against nine individuals and finfluencers for promoting an unauthorised trading scheme.
The FCA is currently unable to name those arrested, invited for interview or with criminal proceedings authorised against them.
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.”
James Alleyne, partner in the financial services regulatory team at Kingsley Napley LLP, commented: “The FCA first warned those advertising and trading investments on social media about the risks of doing so in March 2024 and has subsequently been extremely assertive in its approach to finfluencers. It has proactively policed social media to find accounts of concern and has not hesitated to issue criminal proceedings where it believes someone has crossed the line in terms of providing advice or conducting other regulated business.
"It is clear that the FCA sees finfluencers, particularly those who promote complex and high-risk products, as being a key driver of consumer harm and research shows an ever increasing swathe of people of all ages are accessing this content given the huge growth in social media.
"However, one of the particular challenges for the FCA in policing this type of activity, is that many of these accounts are based outside of the UK, and effective long-term enforcement will ultimately require a coordinated approach with law enforcement and regulators on a cross-border basis. This 'Week of Action' sends an important signal therefore. That a number of international regulators seem to be taking similar action is certainly a positive and the FCA's latest actions demonstrate that this remains a priority area and it intends to keep up the pressure in the months and years ahead."
