The Financial Conduct Authority (FCA) has joined forces with 16 other regulators worldwide in a coordinated crackdown on illegal financial influencers, known as finfluencers, who risk putting consumers' money at risk. The City regulator is calling for social media platforms to take a more proactive role in blocking harmful financial promotions at source.
What Are Finfluencers?
Finfluencers are social media personalities who share money insights with their followers. While many operate legitimately and within the law, the FCA warns that some may tout products or services illegally and without authorisation through online videos and posts. They often depict a lavish lifestyle, sometimes falsely, to promote success.
International Week of Action
The FCA is one of 17 regulators from countries including Australia, Belgium, Brazil, Canada, Denmark, India, Ireland, New Zealand, Norway, and Singapore that participated in a “week of action” starting April 20. This initiative included enforcement activities, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly.
Actions Taken in the UK
In the UK, the FCA has undertaken criminal proceedings, issued targeted warning letters, and made account takedown requests to social media platforms hosting illegal finfluencer content. The regulator reported making 120 account takedown requests, identifying 1,267 illegal financial adverts within those accounts. These adverts reached a minimum of 2,338,372 UK accounts, with two-thirds originating from firms or individuals already on the FCA’s Warning List.
Call for Social Media Platforms
The FCA is urging 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. 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.”
Previous Actions and Consumer Advice
The FCA’s activity follows a previous international week of action with other regulators in June 2025. Consumers are encouraged to use the FCA’s online Firm Checker to confirm if a firm is authorised for the services being offered, which can help reduce the chances of falling victim to a scam. The checker also shows unauthorised firms and individuals 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.
