The Financial Conduct Authority (FCA) has launched an investigation into the activities of 20 social media influencers, or ‘finfluencers’, who are being interviewed under caution for potentially promoting financial products illegally.
This action is part of the regulator's broader effort to address the risks posed by unregulated financial advice on social media platforms. Alongside the interviews, the FCA has issued 38 alerts against social media accounts operated by finfluencers, flagging concerns that these accounts may be unlawfully promoting financial services. The regulator's action comes amid rising concerns about the influence of social media on young people's financial decisions. Nearly two-thirds (62%) of 18- to 29-year-olds follow financial influencers on platforms such as Instagram, TikTok, and YouTub...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
