FCA on finfluencer financial harm: 'We need people to sit up and take action'

Treasury Committee questions regulator

Incidences of fraud and the number of finfluencers are both rising amid a time of a social media “global phenomenon”, the Financial Conduct Authority (FCA) has warned, as it continues to crack down on misleading financial advice from the niche group of influencers.

In parliament on Wednesday afternoon (30 April), the Treasury Committee held a session on the role and regulation of online financial influencers, or finfluencers, in the UK.   In the session, MPs heard from FCA joint-executive director of enforcement and market oversight Steve Smart and director of consumer investments Lucy Castledine, who hold responsibility for monitoring influencer content and overseeing enforcement when rules are broken.  FCA probes 20 'finfluencers' over illegal financial product promotion As finfluencers continue to gain traction, the FCA has intensified its...