The UK Financial Conduct Authority (FCA) has published a press release on its leading international crackdown on illegal financial influencers (finfluencers) in collaboration with regulators from Australia, Canada, Hong Kong, Italy and the UAE. This operation, which commenced on 2 June and was led by the FCA, resulted in three arrests, criminal proceedings against three individuals, the issuance of fifty warning alerts and seven cease and desist letters in the UK. The warning alerts will result in over 650 takedown requests for unauthorised financial promotions on social media platforms and websites. The FCA warns finfluencers that they must act responsibly and only promote financial products if authorised, otherwise they will face serious consequences for non-compliance.
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