There was some shock this week when the FCA announced that it was charging nine social media influencers, including some reality TV stars, in connection with promotion of an unauthorised investment trading scheme.

The FCA has brought charges against nine people in relation to an unauthorised investment scheme promoted on social media.

Social media ‘finfluencers’ who provide sometimes suspect advice online are losing influence as retail investors increasingly turn to professional financial advisers, according to a survey.

“I am neither hero nor villain,” wrote Neil Woodford for the launch of his new website Woodford Views, less than a week after the FCA issued him with a warning notice.