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FIND OUT MOREPartner Abdulali Jiwaji comments in Law360 in relation to the Financial Conduct Authority’s announcement that it is actively investigating so-called ‘finfluencers’ who operate accounts on social media that promote potentially unlawful financial products to users. Abdulali’s comments were published in Law360, 24 October 2024, and can be found here.
‘Finfluencers’ are social media personalities who use their online presence to share insights and advice, and promote financial products.
Abdulali’s comments contextualise the FCA’s announcement against the backdrop of previous enforcement actions, and provide insight from a regulatory perspective, particularly in light of the Consumer Duty and broader enforcement activities.
He adds:
“This latest crackdown follows previous actions by the FCA – for example it brought charges against individuals in July 2024 in respect of an unauthorised forex trading scheme.
Promotion without authorisation may constitute a criminal offence. But also on the regulatory front:
Therefore, even if no criminal offence is committed, those who do not comply with the FCA's financial promotion rules may be subject to fines or other enforcement action.
In the case of overseas firms illegally promoting to UK customers, especially looking at crypto promotions, the FCA can place them on a warning list, and take steps to remove or block illegal financial promotions.
Policing this requires the FCA to work with other regulators, here and overseas, and also to put pressure on the tech companies as to financial promotions on social media, to limit to those that have been properly approved by FCA authorised firms.
Regulators need to share resources and intelligence in order to police this effectively across jurisdictions.”
