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

BIBA launches manifesto and partners with ABI

BIBA launches manifesto and partners with ABI

Financial Services Bill to launch in 2026

Cameron Roberts
clock 15 January 2026 • 2 min read
FOS looks to resolve 245,000 cases in 26/27

FOS looks to resolve 245,000 cases in 26/27

Continues redress improvement work with FCA

Isabel Baxter
clock 14 January 2026 • 2 min read
New CII president begins term

New CII president begins term

Callum Beaton and Debbie Mitchell appointed

Cameron Roberts
clock 05 January 2026 • 2 min read