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FCA Cracks Down on Illegal Finfluencers
20 finfluencers are being interviewed under caution by the Financial Conduct Authority (FCA), as it launches targeted action against finfluencers who may be touting financial services products illegally.
The FCA also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions.
Increasing numbers of young people are falling victim to scams, and finfluencers can often play a part. Nearly two-thirds (62%) of 18- to 29-year-olds follow social media influencers, 74% of those said they trusted their advice and 9 in 10 young followers have been encouraged to change their financial behaviour.
Steve Smart, joint Executive Director of Enforcement and Market Oversight at the FCA said: “Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt.
“Finfluencers need to check the products they promote to ensure they are not breaking the law and putting their followers’ livelihoods and life savings at risk.”
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