As regular readers know, finfluencers are social media personalities who use their platforms to promote financial products and share insights and advice with their followers. There has been a significant increase in finfluencers over recent years. They are not authorised by the FCA, and are unqualified to be giving financial advice to the younger and often very impressionable age groups who follow them.

Increasing numbers of young people are falling victim to scams, and finfluencers can often play a part. According to the FCA, nearly two-thirds of 18 to 29-year olds follow social media influencers, 74% of those said they trusted their advice and 90% young followers have been encouraged to change their financial behaviour. 

The FCA has recently announced that it is interviewing twenty finfluencers under caution, and it is launching targeted action against finfluencers who may be touting financial services products illegally.

The FCA also issued alerts against social media accounts operated by finfluencers which may contain unlawful promotions. 

The FCA has already taken court action against nine individuals and finfluencers for promoting an unauthorised trading scheme, with the trials due to take place on 1 February 2027 and 15 March 2027 at Southwark Crown Court.

The FCA has published guidance on financial promotions on social media to clarify its expectations for when firms and influencers use social media to communicate financial promotions, and to address emerging consumer harm that the FCA has seen arising from use of social media.