The Financial Conduct Authority took the lead in an international crackdown on illegal finfluencers, or financial influencers, this week.

Regulators from Australia, Canada, Hong Kong, Italy, United Arab Emirates and the UK took part in the week of action, which began on 2 June 2025.

The action took place to protect social media users from illegal financial promotions by rogue finfluencers.

In the UK, the FCA has made three arrests with the support of the City of London Police and authorised criminal proceedings against three individuals.

In addition, the regulator has invited four finfluencers for interview, sent seven cease and desist letters and issued 50 warning alerts.

The warning alerts will result in over 650 take down requests on social media platforms and more than 50 websites operated by unauthorised finfluencers.

FCA joint executive director of enforcement and market oversight Steve Smart says: “Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so – or face the consequences.”

In October, the FCA interviewed 20 finfluencers under caution for touting financial services products illegally.

It said the individuals were interviewed voluntarily using the FCA’s criminal powers.

There has been a rise in the number of finfluencers on social media over recent years, after a surge in online DIY investing.

These finfluencers are not authorised by the FCA and are unqualified to give financial advice to their followers, mostly younger people. There has been an increasing number of young people falling victim to scams, and finfluencers can often play a part.