Following our recent reports, that several financial regulatory authorities around the world, including the UAE and Hong Kong SFC, have taken measures to restrict or leave the social media, the UK financial behavior Authority (FCA) announced that it has actually announced that it has actually united its worldwide protection. Financial promotions from Rogue Finfluencers.
Finfluencers are social media personalities who use their platform to promote financial products and share ideas and tips with their fans. Many act legally and do not violate the laws. Others are people who offer illegal products or services illegally and without license through electronic videos and positions, where they use a rich lifestyle, often falsely, to promote success.
Nine regulators from Australia, Canada, Hong Kong, Italy, the United Arab Emirates and the United Kingdom participated in the Week of Action, which began on June 2, 2025.
In the UK, FCA said it has:
- made 3 arrests with the support of London Police (the national force for fraud),
- Authorized Criminal proceedings by 3 persons,
- Invited 4 Finfluencers for an interview,
- sent 7 pauses and frustrating letters, and
- issued 50 warning alerts.
Warning alerts will lead to over 650 applications for social media platforms and more than 50 websites operated by unauthorized Finfluencers.
Steve Smart, joint executive director of the market for the FCA, said,
“Our message to Finfluencers is strong and clear. They must act responsibly and promote only financial products where they are authorized to do so – or to deal with the consequences.”
The regulators involved in the “World Week of Action Against Finfluencers” include:
- Australia, Australian Securities and Exchange Commission (ASIC)
- Canada, Alberta Securities and Exchange Commission (ASC)
- Canada, Financial Shopping Authority (QAMF)
- Canada, British Columbia Securities and Exchange Commission (BCSC)
- Canada, Ontario Securities and Excellent Commission (OSC)
- Hong Kong, Securities and Exchange Commission (SFC)
- Italy, the National Committee of Companies and the Stock Exchange (Consob)
- United Arab Emirates, Authority of Capital Market (SCA)
- United Kingdom, FCA
FCA said it was unable to name those arrested, invited for an interview or by criminal proceedings that have been approved against them. He has already taken action against 9 people and Finfluencers to promote an unauthorized trade system.