UK cracks down on rogue influencers
FCA removes hundreds of misleading finance posts from social media.
The UK’s Financial Conduct Authority (FCA) has taken action against unauthorised financial influencers in a coordinated international crackdown, resulting in three arrests. Regulators across six countries, participated in the effort, targeting those offering unlicensed tips or falsely promoting products.
Hundreds of social media posts of websites are being taken down after being linked to misleading financial advice presented under the guise of luxury lifestyles. The FCA issued cease and desist letters and called several influencers in for questioning.
The FCA highlighted that many of these posts fail to explain risks and often encourage followers to pay for unverified trading algorithms. The campaign aims to protect people, especially young users, who increasingly use online sources for financial education.
Meta was questioned by the Treasury Committee over delays, prompting the firm to acknowledge a processing lapse in 2024. Separately, the UK FCA is reviewing a ban on crypto exchange-traded notes, signalling a shift toward regulated crypto investment for retail users.
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