UK regulator part of international crackdown on finfluencers acting illegally

The City regulator has called for social media platforms to be more proactive in blocking harmful financial promotions at source, as it took part in international action to crack down on illegal finfluencers putting consumers’ money at risk.

Many financial social media content creators are acting legitimately and not breaking any laws, the Financial Conduct Authority (FCA) said.

But it added that some influencers may tout products or services illegally and without authorisation through online videos and posts.

They may depict a lavish lifestyle, often falsely, to promote success.

The FCA is among 17 regulators worldwide which have been taking part in a “week of action” which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly.

The activity started on April 20 and included regulators from countries such as Australia, Belgium, Brazil, Canada, Denmark, India , Ireland, New Zealand, Norway and Singapore.

In the UK, action including criminal proceedings, targeted warning letters, and account takedown requests to social media platforms hosting illegal finfluencer content has been taken, the FCA said.

The regulator said it has made 120 account takedown requests.

Within these accounts, the FCA identified 1,267 illegal financial adverts, which it said reached a minimum of 2,338,372 UK accounts.

Two-thirds of these adverts were from firms or people already on the FCA’s Warning List.

The FCA said it is calling for social media platforms to step up and play a more proactive role in stopping illegal financial promotions at source.

Steve Smart, executive director of enforcement and market oversight at the FCA, said: “This collective push with international partners is vital in helping to protect millions of consumers from harm.

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“We will only make real progress in the fight against financial crime if every part of the system plays its role – including social media firms.”
The FCA’s activity follows a previous international week of action with other regulators in June 2025.

People are being encouraged to use the FCA’s online Firm Checker to confirm if a firm is authorised for the services being offered and help reduce their chances of falling victim to a scam.

The checker also shows unauthorised firms and people who are on the FCA’s Warning List.

Dealing with an unauthorised firm or person can mean consumers risk losing access to vital protections, such as the Financial Ombudsman Service and Financial Services Compensation Scheme, if something goes wrong.

Sarah Coles, head of personal finance at AJ Bell, said: “There are some fantastic finfluencers, with incredible knowledge and the right intentions, who work within the rules to reach groups of people who might otherwise never learn about their finances.

“However, there are also some who are breaking the law – often faking luxury lifestyles to convince people they have the answers.

“Meanwhile, there are others who are actively trying to help people, but are issuing horribly misleading advice.

“It’s easy for people to get led astray when social media serves them gripping content that sounds convincing and promises to solve their problems or transform their life.”
She added: “Anyone can set themselves up as a financial influencer, so you need to know who you’re listening to and take steps to protect yourself.”