Top Financial Conduct Authority (FCA) Prosecution Defence Law Firm Bark & Co Lawyers Appointed in Financial Services Promotion Scam Investigation
Operation Cannington
The FCA is interviewing 20 finfluencers under caution as part of its targeted action against those finfluencers that may be promoting financial services illegally.
The FCA has also issued 38 alerts to social media accounts that may contain illegal promotions.
Finfluencers are often involved in the increasing number of scams that target young people. Nearly two thirds (62%) 18-29-year-olds follow social media influences, 74% said they trusted their advice and 9 out of 10 young followers were encouraged to change their finances.
Steve Smart is the joint executive director for enforcement and market supervision at the FCA.
The people who follow ‘Finfluencers’ are often young, vulnerable and attracted by their lifestyle.
“Finfluencers must check the products that they promote, to make sure they’re not breaking the laws and risking their followers’ lives and savings.”
Notes for editors
- Finfluencers, or social media personalities, use their platforms to share financial advice and insights with their followers. The number of finfluencers has increased significantly in recent years. These people aren’t FCA-authorised and they aren’t qualified to give financial advice to younger, often impressionable age groups that follow them.
- The FCA cannot identify those who are being interviewed.
- Under caution, the FCA is using its criminal powers to interview these individuals.
- Before making any investment decisions, consumers should consult the FCA’s list of warnings. The FCA’s InvestSmart contains valuable information that can help investors make better decisions.
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