FCA Leads Global Crackdown on Illegal Finfluencers

The UK's Financial Conduct Authority (FCA), in partnership with regulators from Australia, Canada, Hong Kong, Italy, and the United Arab Emirates, has led a global crackdown on 'finfluencers' promoting financial products without proper authorization. The operation resulted in three arrests and criminal proceedings against three individuals in the UK, along with seven cease-and-desist letters and 50 warning alerts. The FCA initiated over 650 takedown requests for social media content and more than 50 website removals targeting unauthorized financial influencers. The campaign aims to shield consumers from illegal financial promotions that often exploit false depictions of luxury lifestyles. Regulators note that while some finfluencers comply with legal standards, unauthorized promotion—especially of risky assets like cryptocurrencies—poses substantial risks. Influencers are warned to adhere strictly to authorization requirements or face legal action.