The Financial Conduct Authority (FCA) joined forces with nine peer regulators to curb unauthorised financial promotion by so-called “finfluencers” on social media. The “Global Week of Action Against Unlawful Finfluencers,” which began on 2 June, pooled enforcement tools from authorities in Australia, Canada, Hong Kong, Italy, the United Arab Emirates, and the UK.
During the UK leg, the FCA, supported by City of London Police, arrested three individuals, began criminal proceedings against them, and interviewed four others. Seven cease-and-desist notices and 50 warning alerts were issued, triggering requests for the removal of 650 posts and the closure of up to 50 websites. The regulator believes misleading online endorsements of high-risk products are driving consumer harm and widening the advice gap.
The initiative was announced days after FCA officials told the Treasury Committee that some platforms, notably Meta, can take up to six weeks to remove illegal adverts, hampering intervention. While no finfluencer has yet been convicted in the UK, the first multi-defendant trial is scheduled for 2027, and further cases are expected as Crown Court backlogs grow.
Cross-border enforcement remains challenging where influencers operate outside the FCA’s jurisdiction, highlighting the need for closer collaboration.
Steve Smart, joint executive director of enforcement 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.”
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