FCA probes 20 'finfluencers' over illegal financial product promotion

Follows rising concerns about social media advice

Sahar Nazir
clock • 3 min read

The Financial Conduct Authority (FCA) has launched an investigation into the activities of 20 social media influencers, or ‘finfluencers’, who are being interviewed under caution for potentially promoting financial products illegally.

This action is part of the regulator's broader effort to address the risks posed by unregulated financial advice on social media platforms. Alongside the interviews, the FCA has issued 38 alerts against social media accounts operated by finfluencers, flagging concerns that these accounts may be unlawfully promoting financial services. The regulator's action comes amid rising concerns about the influence of social media on young people's financial decisions. Nearly two thirds (62%) of 18- to 29-year-olds follow financial influencers on platforms such as Instagram, TikTok, and YouTub...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

DWP to change definition of terminal illness

DWP to change definition of terminal illness

Move will bring benefit and pension tax rules at end of life into closer alignment

Jonathan Stapleton
clock 16 October 2026 • 2 min read
CII names Debbie Mitchell as president

CII names Debbie Mitchell as president

Mandy Hunt takes over as deputy president

Sophia Panayi
clock 15 October 2026 • 2 min read
NHS waiting list hits 2026 high

NHS waiting list hits 2026 high

7.37m awaiting treatment

Cameron Roberts
clock 08 October 2026 • 1 min read