A global crackdown on rogue 'finfluencers' (social media influencers) has been launched this week by nine regulators and is being spearheaded by the UK's Financial Conduct Authority.
Latest data from the FCA published today has revealed that nearly 20,000 financial promotions were pulled or amended in 2024 following intervention from the regulator - almost double the level seen in 2023.
A new FCA consumer study has found that younger people - those aged 18-40 - are impulsive and heavily influenced by social media when it comes to investing.
The FCA is interviewing 20 finfluencers under caution as part of a “targeted action” against illegal financial influencers.
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