The UK’s financial watchdog will lead a consortium of international regulators to tackle the recent phenomenon of illegal ‘finfluencers’.
The Financial Conduct Authority (FCA) has been carrying out a targeted campaign against social media influencers promoting high-risk investments in areas such as forex and cryptoassets since 2022.
The FCA has so far made three arrests with the support of the City of London Police, authorised criminal proceedings against three individuals, invited a handful of other finfluencers for questioning, sent seven cease and desist letters and issued 50 warning alerts.
The alerts resulted in more than 650 take down requests on social media platforms and more than 50 websites operated by unauthorised finfluencers.
The FCA has now partnered with authorities from Australia, Canada, Hong Kong, Italy and the United Arab Emirates to share information on tackling social media personalities promoting financial products with no authorisation or expertise.
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