Social media UK and other countries take action against finfluencers
The UK and several other countries have taken action against illegal advertising of financial products by so-called finfluencers. The British Financial Conduct Authority (FCA) announced on Friday that three people had been arrested in the UK.
06.06.2025, 03:29
SDA
In addition, 50 written warnings had been issued. The authority spoke of more than 650 requests to remove content from online platforms and more than 50 websites operated by "unauthorized finfluencers".
"Our message to finfluencers is loud and clear," said FCA representative Steve Smart. "They must act responsibly and only promote financial products if they are authorized to do so. Otherwise they must face the consequences."
In its action, the British authority worked together with colleagues from Australia, Italy, Canada, the United Arab Emirates and Hong Kong.
Many work legally
So-called finfluencers - as influencers in financial matters - give financial tips on social networks, advertise certain investment products and evaluate investment opportunities. This is legal in many cases.
However, the British supervisory authority warned that in some cases products or services were being advertised "illegally and without authorization". Finfluencers would feign a luxurious lifestyle in online videos and posts in order to signal how successful their financial tips are.
