FCA Cracks Down on Finfluencers Over Illegal Financial Promotions

The Financial Conduct Authority is interviewing social media influencers under caution for promoting unauthorized financial schemes.

The FCA is investigating 20 unnamed financial influencers for promoting unauthorized financial products on social media.
Concerns have risen over finfluencers lacking proper authorization to provide financial advice, especially to young and impressionable audiences.
The FCA has issued 38 warnings against social media accounts that may be promoting unlawful financial products.
Influencers are urged to verify the legality of the products they endorse to avoid endangering their followers' financial security.
The regulator advises the public to consult the FCA's warning list before making investment decisions.