FCA6 Jun 2025 10:43
This was posted on HE1 about fecking time.
June 6 2025
FCA Leads International Crackdown on Illegal Finfluencers
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Regulators across the globe, led by the Financial Conduct Authority (FCA), have joined forces to protect social media users from illegal financial promotions by rogue finfluencers.
Nine regulators, from Australia, Canada, Hong Kong, Italy, United Arab Emirates and United Kingdom took part in the week of action, which began on 2 June 2025.
In the UK, the FCA has:
made 3 arrests with the support of the City of London Police (the National Lead Force for fraud)
authorised criminal proceedings against 3 individuals
invited 4 finfluencers for interview
sent 7 cease and desist letters
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.
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.”