Overview

• Regulators from the UK, Australia, Canada, Hong Kong, Italy and the UAE joined forces on June 2 for a coordinated sweep targeting unlicensed finfluencers
• In the UK the FCA has issued 50 warning alerts, sent seven cease and desist letters and, with City of London Police support, arrested three individuals
• More than 650 social media posts and over 50 websites have been targeted for takedown following the regulator’s warning alerts
• The Treasury Committee has asked Meta to explain why some takedown requests took up to six weeks, with a formal reply due by June 20
• The FCA urges consumers to consult its warning list and seek guidance from regulated professionals before acting on social media financial advice