FCA on finfluencer financial harm: 'We need people to sit up and take action'

Treasury Committee questions regulator on the impact of finfluencers

Isabel Baxter
clock • 4 min read

Incidences of fraud and the number of finfluencers are both rising amid a time of a social media “global phenomenon”, the Financial Conduct Authority (FCA) has warned, as it continues to crack down on misleading financial advice from the niche group of influencers.

In parliament yesterday afternoon (30 April), the Treasury Committee held a session on the role and regulation of online financial influencers, or finfluencers, in the UK.   In the session, MPs heard from FCA joint-executive director of enforcement and market oversight Steve Smart and director of consumer investments Lucy Castledine, who hold responsibility for monitoring influencer content and overseeing enforcement when rules are broken.  As finfluencers continue to gain traction, the FCA has intensified its scrutiny of financial promotions online to protect consumers from harm. In ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Treasury Committee flags potential bank tax Budget leak to FCA and Treasury

Treasury Committee flags potential bank tax Budget leak to FCA and Treasury

Dame Meg Hillier pens letter after Bloomberg article went live at 10:45am

Isabel Baxter
clock 29 October 2026 • 3 min read
FCA stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA deputy CEO confirms simplified advice rules will  be published 'soon'

FCA deputy CEO confirms simplified advice rules will be published 'soon'

Sarah Pritchard speaks at the Investment Association Annual Dinner

Sophia Panayi
clock 22 October 2026 • 2 min read