U.K. Regulator FCA Joins Global Action Against Illegal Finfluencers

The Financial Conduct Authority (FCA) has joined regulators from 17 countries in a coordinated effort to curb illegal activity by financial influencers on social media. The initiative, which began on April 20, included enforcement measures, awareness campaigns, and guidance for content creators sharing financial information online.

The regulator stated that while many influencers follow rules, some promote financial products and services without authorisation. These promotions often appear through videos and posts and may mislead users about investment outcomes. In the U.K., authorities initiated criminal proceedings, issued warning letters, and requested the removal of online accounts. Around 120 takedown requests were made, linked to over 1,200 unauthorised financial advertisements that reached more than 2.3 million users. A majority of these were associated with entities already flagged on warning lists.

The regulator has urged social media platforms to act earlier in blocking such content. Users have also been advised to verify firms through official tools before engaging with financial services.