Arrests made in crackdown on finfluencers
Summary
The Financial Conduct Authority (FCA) has led a global effort to tackle the issue of financial influencers, known as finfluencers, giving unauthorized financial advice online. This operation resulted in three arrests in the UK and the removal of hundreds of related posts and websites.Key Facts
- The FCA is taking down social media content and websites run by unauthorized financial influencers.
- Three people were arrested in the UK as part of this international crackdown.
- Finfluencers sometimes offer financial advice without proper authorization, often blending it with lifestyle promotion.
- The FCA issued 650 requests to delete online content and took down 50 websites in the UK.
- Seven cease and desist letters were sent, and four influencers were invited for interviews by the FCA.
- The FCA has no power to force social media platforms to comply with takedown requests but urges them to act quickly.
- The UK Treasury Committee asked Meta about delayed responses to FCA takedown requests.
- The FCA is considering allowing retail investors to invest in crypto exchange traded notes, lifting a ban in place since 2021.
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