The FCA suspended, removed or blocked more than 1,600 websites last year where it suspected them of promoting financial services products and services without permission.
A minority of people have acted on financial advice they’ve seen on social media but the majority lost money as a result, according to a new study.
High-net-worth (HNW) millennials are more likely to turn to social media and finfluencers for investment guidance when they inherit (27%), than to financial advisers (18%).
A global crackdown on rogue 'finfluencers' (social media influencers) has been launched this week by nine regulators and is being spearheaded by the UK's Financial Conduct Authority.
The FCA is interviewing 20 finfluencers under caution as part of a “targeted action” against illegal financial influencers.
