Financial Conduct Authority crackdown on influencers promoting financial products

Seven social media influencers were sentenced in February 2026 in relation to their role in making unauthorised financial promotions in connection with an unauthorised foreign exchange trading scheme.

The combined following of the Instagram accounts of the individuals concerned was 4.5 million.

Under the Financial Services and Markets Act 2000, communicating unauthorised financial promotions is a criminal offence punishable upon conviction by a fine and/or up to 2 years’ imprisonment.

Five fines were issued as part of the sentencing, ranging from £974 to £3,750.

This recent case shows the importance of complying with the Financial Conduct Authority (FCA) regulations and guidance on financial promotions. Failure to comply can not only result in financial penalties, but perhaps more importantly, significant reputational damage.

Over recent years, there has been a significant rise in ‘finfluencers’, that is social media personalities who use their platforms to promote financial products and financial advice with their followers. The FCA has highlighted that, ‘these people are not FCA authorised and are unqualified to be giving financial advice to the younger and often very impressionable age groups who follow them’.

The recent Young Money report 2025 prepared by management consultancy MRM revealed that 45% of respondents aged 18 to 30 got their financial information from social media.

As the financial products on offer to the public continue to rise with developments in cryptocurrencies and fintech, and the FCA seek to crackdown on non-compliant promotions, it is important that influencers take account of the legal requirements associated with any promotions before committing to advertising these.

The FCA published its ‘finalised guidance on financial promotions on social media’ in March 2024. The guidance provides further insight into the requirements that those promoting financial products on social media must take into account, including when the financial promotion rules apply, and examples of compliant and non-compliant adverts. At a general level, the FCA requires all financial promotions to be fair, clear, and not misleading.

Where high-risk products are concerned (including crowdfunding, cryptoassets and contracts for differences) stricter, specific promotion restrictions apply.

In addition to FCA requirements, influencers must also adhere to Advertising Standards Authority codes in relation to the disclosure of ads, clearly disclosing when content is part of a paid promotion or partnership. Consideration should also be given to the terms of any marketing or influencer agreement entered into in connection with the promotion of financial products.

If you are a business, marketing agency or Influencer looking for further information or assistance, please contact Erin Findlay.