Global Crackdown on Rogue Finfluencers Sees FCA Lead Coordinated Action

A global coalition of financial regulators has launched a coordinated offensive against unlawful financial promotions by unauthorised "finfluencers" on social media, with the UK's Financial Conduct Authority (FCA) spearheading enforcement efforts during a week of action beginning 2 June 2025.

International Effort to Tackle Online Investment Scams

The campaign, branded the ‘global week of action against unlawful finfluencers’, brought together regulators from Australia, Canada, Hong Kong, Italy, the United Arab Emirates and the United Kingdom. Their aim: to stem the rising tide of fraudulent and misleading online content that promotes unauthorised financial products to unsuspecting consumers.

The UK’s FCA, with the support of the City of London Police, took decisive enforcement action, including:

• 3 arrests related to unlawful financial promotions

• Criminal proceedings authorised against 3 individuals

• 4 finfluencers invited for formal interview

• 7 cease and desist letters issued

• 50 warning alerts published

These efforts are set to result in over 650 takedown requests to major social media platforms and more than 50 websites operated by unauthorised individuals being targeted for removal.

Clear Warning to Finfluencers

Steve Smart, joint executive director of enforcement and market oversight at the FCA, delivered a sharp message:

Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.

The FCA has previously taken action against nine individuals involved in promoting an unauthorised trading scheme, signalling a growing intolerance of unregulated financial promotions in the online space.

Who Are Finfluencers?

Finfluencers are social media personalities who offer commentary, tips, or endorsements related to financial products and investments. While some operate legally, many promote products without the necessary regulatory permissions, often luring followers with depictions of extravagant lifestyles and promises of financial success.

This global campaign is a recognition of the cross-border nature of online financial harm and a united front to protect consumers from predatory tactics dressed up as social media inspiration.

Consumer Guidance & Next Steps

Consumers are urged to remain vigilant. Before engaging with any financial content online, they should consult:

• The FCA’s Warning List, to check for unauthorised firms or individuals

• InvestSmart, an FCA initiative offering trusted advice to help the public make informed investment decisions

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Participating Regulators

The campaign involved nine regulators from six jurisdictions:

• United Kingdom – Financial Conduct Authority (FCA)

• Australia – Australian Securities & Investments Commission (ASIC)

• Canada – Alberta Securities Commission (ASC), Autorité des marchés financiers (QAMF), British Columbia Securities Commission (BCSC), Ontario Securities Commission (OSC)

• Hong Kong – Securities and Futures Commission (SFC)

• Italy – Commissione Nazionale per le Società e la Borsa (CONSOB)

• United Arab Emirates – Securities and Commodities Authority (SCA)

Final Thoughts

The FCA’s robust enforcement activity sets a global precedent for dealing with unlawful finfluencing. As the regulatory landscape adapts to the digital age, collaboration between nations is vital to counter the spread of financial misinformation. Legitimate financial voices must now step forward to fill the trust gap left behind.

Read the press release here.