The Financial Conduct Authority (FCA) has joined an international crackdown on illegal financial influencers, known as finfluencers, who promote financial products without authorisation. The UK regulator is one of 17 global watchdogs participating in a coordinated week of action starting April 20, which includes enforcement activities, consumer awareness campaigns, and educational programmes for responsible finfluencers.
Scope of the Crackdown
The FCA identified 120 accounts for takedown requests, within which it found 1,267 illegal financial adverts. 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. The regulator emphasised that while many financial content creators operate legitimately, some illegally tout products or services, often falsely depicting lavish lifestyles to promote success.
Call for Social Media Platforms
The FCA is urging social media platforms to take a more proactive role in blocking harmful financial promotions at source. Steve Smart, executive director of enforcement and market oversight at the FCA, stated: “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.”
International Collaboration
Regulators from Australia, Belgium, Brazil, Canada, Denmark, India, Ireland, New Zealand, Norway, and Singapore are also participating. The UK action includes criminal proceedings, targeted warning letters, and account takedown requests. This follows a previous international week of action in June 2025.
Consumer Advice
The FCA encourages consumers to use its online Firm Checker to verify if a firm is authorised for the services offered. Dealing with unauthorised firms means consumers risk losing access to protections like the Financial Ombudsman Service and the Financial Services Compensation Scheme.
