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.

This week's FCA’s crackdown on rule-breaking social media posts and so-called ‘finfluencers’ is long overdue, according to Rosie Hooper, chartered financial adviser at Quilter.

The Financial Conduct Authority has outlined new guidance proposals aimed at combatting illegal and non-compliant social media ads and promotions and the potential damage from some ‘finfluencers.’