The UK’s Financial Conduct Authority (FCA) has continued its push to target social media-based investment influencer as part of an international coalition.
The FCA has in the past few years made clear its position on so called ‘finfluencers‘, social media personalities that promote high-risk investments in areas including crypto and forex with no authorisation or expertise.
This past week has seen seventeen global regulators participate in a “week of action”, led by the FCA that included enforcement activity, consumer awareness campaigns and educational programmes.
For the FCA’s part in this, it has secured a guilty plea from Aaron Chalmers, part of the Geordie Shore TV Show, who has been illegally promoting investments on social media.
Criminal proceedings have been commenced against a further two individuals for similar offences.
Four targeted warning letters have been sent to suspects, 34 warning alerts against unauthorised firms or individuals have been issued and 120 account takedown requests have been made to social media platforms.
“This collective push with international partners is vital in helping to protect millions of consumers from harm,” said Steve Smart, executive director of enforcement and market oversight at the FCA.
“We will only make real progress in the fight against financial crime if every part of the system plays its role – including social media firms.”
International partners in these efforts include Australia, Belgium, Brazil, Canada, Denmark, Hong Kong and more.
