The Financial Conduct Authority (FCA) has collaborated with eight international regulators in a coordinated week-long initiative to address unlawful activity by so-called “finfluencers” — social media personalities who promote high-risk or fraudulent investment schemes while portraying an image of luxury and success. The operation, launched on 2 June, involved regulators from the UK, Australia, Canada, Hong Kong, Italy, and the United Arab Emirates.
In the UK, the FCA’s enforcement measures included three arrests with the support of the City of London Police, the commencement of criminal proceedings against three individuals, interviews with four finfluencers, the issuance of seven cease-and-desist letters, and the publication of 50 warnings. These warnings are expected to lead to more than 650 takedown requests across social media platforms and the closure of over 50 websites operated by unauthorised finfluencers.

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