FCA spearheads global action to stop illegal finfluencers

24 Apr 2026 11:12 AM

The FCA has led international action to stop illegal finfluencers putting consumers' money at risk.

Seventeen regulators worldwide took part in the 'week of action' which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly. Activity started on 20 April 2026.

In the UK, the FCA:

• Secured a guilty plea from Geordie Shore’s Aaron Chalmers for illegal promotions on social media. Criminal proceedings have been commenced against a further 2 individuals for similar offences.  
• Sent 4 targeted warning letters to individuals suspected of engaging in unauthorised financial promotions.
• Issued 34 warning alerts against unauthorised firms or individuals, and updated an additional 14 warnings.
• Made 120 account takedown requests to social media platforms hosting illegal finfluencer content. Within these accounts, the FCA identified 1,267 illegal financial adverts, which reached a minimum of 2,338,372 UK accounts. 66% of these adverts were from firms or individuals already on the FCA's Warning List.

The financial regulator is calling for social media platforms to step up and play a more proactive role in stopping illegal financial promotions at source. Social media platforms are not doing enough to uphold their own policies to block illegal content.

Steve Smart, executive director of enforcement and market oversight at the FCA, said:

“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.”

The FCA's latest activity follows a previous international week of action with 8 other regulators in June 2025.

Consumers are encouraged to use the FCA Firm Checker to confirm if a firm is authorised for the services being offered and reduce their chances of falling victim to a scam. The tool also shows unauthorised firms and individuals on the FCA’s Warning List to avoid.

Notes to Editors

• The following regulators participated in the week of action:
  • Australia, Australian Securities & Investments Commission (ASIC)
  • Belgium, Financial Services and Markets Authority (FSMA)
  • Brazil, Comissão de Valores Mobiliários (CVM)
  • Canada, Autorité des marchés financiers (QAMF)
  • Canada, BC Securities Commission (BCSC)
  • Canada, Ontario Securities Commission (OSC)
  • Denmark, Danish Financial Supervisory Authority (DFSA)
  • Hong Kong, Securities and Futures Commission (SFC)
  • India, Securities and Exchange Board of India (SEBI)
  • Ireland, Central Bank of Ireland (CBI)
  • New Zealand, Financial Markets Authority (FMA)  
  • Norway, Finanstilsynet (NFSA)
  • Qatar, Qatar Financial Centre Regulatory Authority (QFCRA)
  • Qatar, Qatar Financial Markets Authority (QFMA)
  • Singapore, Monetary Authority of Singapore (MAS)
  • United Arab Emirates, Capital Market Authority (CMA)
  • United Kingdom, Financial Conduct Authority (FCA)
• Finfluencers are social media personalities who use their platform to promote financial products and share insights and advice with their followers. Many financial social media content creators are acting legitimately and not breaking any laws. There are other finfluencers that tout products or services illegally and without authorisation through online videos and posts. They use the pretence of a lavish lifestyle, often falsely, to promote success.
• Millions of consumers increasingly turn to social media for financial advice. However, dealing with an unauthorised firm or individual increases the chances it is a scam and means consumers risk losing access to protections, such as the Financial Ombudsman Service and Financial Services Compensation Scheme.
• The FCA issued 2,329 warnings about unauthorised or potentially scam firms and individuals in 2025.
• The content the FCA identified is not allowed under social media platforms’ own rules. All large social media platforms have policies that financial services ads targeting UK consumers should only be made by FCA authorised firms, or ads that have been approved by an FCA authorised firm.
• The data on illegal financial adverts, UK account reach and adverts which were from firms and individuals already on the FCA's Warning List was specific to Meta platforms.
• The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.