FCA targets finfluencers with new social media guidance

So-called finfluencers have been warned by the UK financial watchdog that they could face prosecution if they fail to follow new rules.

A finfluencer creates a video using a camera
Finfluencers are followed by millions of people on social media
(Image credit: Getty Images)

New Financial Conduct Authority (FCA) guidance has sought to tighten the rules finfluencers have to follow when they promote financial products on social media - although they will not face any extra penalties for failing to comply.

The UK’s financial watchdog has introduced more stringent outlines of what does and does not constitute a compliant advert. It has underlined that promotional activity must be “fair, clear and not misleading”, with finfluencers and the firms that hire them facing prosecution if they fail to abide by the rules.

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Henry Sandercock has spent more than eight years as a journalist covering a wide variety of beats. Having studied for an MA in journalism at the University of Kent, he started his career in the garden of England as a reporter for local TV channel KMTV.

Henry then worked at the BBC for three years as a radio producer - mostly on BBC Radio 2 with Jeremy Vine, but also on major BBC Radio 4 programmes like The World at One, PM and Broadcasting House. Switching to print media, he covered fresh foods for respected magazine The Grocer for two years.

After moving to NationalWorld.com - a national news site run by the publisher of The Scotsman and Yorkshire Post - Henry began reporting on the cost of living crisis, becoming the title’s money editor in early 2023. He covered everything from the energy crisis to scams, and inflation. He also has bylines in MoneyWeek.