FCA joins forces with international regulators on illegal finfluencer crackdown

Nine regulators come together

Regulators from across the globe, led by the Financial Conduct Authority (FCA), have joined forces to protect social media users from illegal financial promotions by “rogue” finfluencers.

Nine regulators, from Australia, Canada, Hong Kong, Italy, United Arab Emirates and the United Kingdom took part in the week of action, which began on 2 June. In the UK, the FCA has made three arrests with the support of the City of London Police (the National Lead Force for fraud), authorised criminal proceedings against three people, invited four finfluencers for interview, sent seven cease and desist letters and has issued 50 warning alerts. FCA on finfluencer financial harm: 'We need people to sit up and take action' The watchdog said the warning alerts will result in more than...