Fri, 06 Jun 2025

Fri, 06 Jun 2025 Arrests made in crackdown on finfluencers

Hundreds of take down requests of social media posts are also made following a campaign by regulators.

* The City regulator, the Financial Conduct Authority (FCA), has taken action against hundreds of social media posts and websites operated by financial influencers.
* 650 requests were made for deletions from social media, and 50 take-downs of unauthorised websites were carried out in the UK as part of an international crackdown.
* Seven "cease and desist" letters were sent to finfluencers, and four were invited for interview.
* The FCA has warned that finfluencers must only promote financial products where they are authorised to do so, or face consequences.
* Some websites were found to be promoting unauthorised investments using the pretence of a lavish lifestyle.
* Regulators across several countries participated in the crackdown, including UK, Australia, Canada, Hong Kong, Italy and UAE.
* The FCA has no powers to enforce social media platforms to take down content, but is calling for them to act more quickly on its requests.
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