The UK’s Financial Conduct Authority (FCA) has led a major international crackdown on illegal “finfluencers”, social media personalities who promote financial products and advice without proper authorisation.
Seventeen regulators from around the world, including authorities in Australia, Canada, India, Singapore, Hong Kong, and several European and Middle Eastern countries, participated in a coordinated “week of action” that began on 20 April.
In the UK, the FCA reported significant results:
Secured a guilty plea from Geordie Shore star Aaron Chalmers for illegal financial promotions on social media.
Commenced criminal proceedings against two additional individuals.
Sent four targeted warning letters to suspected unauthorised promoters.
Issued 34 new warning alerts and updated 14 existing ones against unauthorised firms or individuals.
Made 120 account takedown requests to social media platforms, targeting content that reached a minimum of 2.3 million UK accounts.
Of the 1,267 illegal adverts identified (primarily on Meta platforms), 66% came from entities already on the FCA’s Warning List.
The regulator has urged social media platforms to do more to proactively block illegal financial promotions before they reach consumers, noting that platforms are failing to fully enforce their own policies.
“This collective push with international partners is vital in helping to protect millions of consumers from harm. We will only make real progress in the fight against financial crime if every part of the system plays its role, including social media firms,” said Steve Smart, the FCA’s Executive Director of Enforcement and Market Oversight.
This latest effort builds on a similar international week of action in June 2025.
Finfluencers often showcase lavish, and sometimes fabricated, lifestyles to promote “get rich quick” schemes, investment products, or trading advice.
While many creators operate legitimately, unauthorised promotions expose followers to scams and strip them of regulatory protections such as access to ombudsman services or compensation schemes.
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