FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators from across the globe come together

Isabel Baxter
clock • 3 min read

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. In the UK, the FCA has made three arrests with the support of the City of London Police (the National Lead Force for fraud), authorised criminal proceedings against three people, invited four finfluencers for interview, sent seven cease and desist letters and has issued 50 warning alerts. The watchdog said the warning alerts will result in more than 650 take down requests on social media platforms and more than 50 websites operated ...

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

Advisers do not expect FCA's targeted support to prompt new client propositions

Advisers do not expect FCA's targeted support to prompt new client propositions

Some 54% said they will not consider new propositions, Schroders finds

Isabel Baxter
clock 03 June 2025 • 2 min read
'Fairer' regulation and 'smarter' compliance essential to unlock sector's full potential

'Fairer' regulation and 'smarter' compliance essential to unlock sector's full potential

Professional bodies outline four key reforms to boost financial services

Jenna Brown
clock 20 May 2025 • 3 min read
FCA confiscates more than £300,000 from convicted fraudsters

FCA confiscates more than £300,000 from convicted fraudsters

Faced charges for £1.2m investment fraud in 2023

Isabel Baxter
clock 14 May 2025 • 1 min read