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IOL News
5 hours ago
- Business
- IOL News
UK regulator leads crackdown on 'finfluencers'
Meta File Pic The announcement came as a group of British MPs said it had sent a letter to Meta, owner of Facebook and Instagram, asking for information on its approach to financial influencers. Image: Lionel Bonaventure / AFP Market regulators from six countries are cracking down on the illegal promotion of financial products by influencers on social media, UK officials said Friday. Britain's Financial Conduct Authority (FCA) said the action, which began on Monday, has resulted in three arrests in the UK and the authorisation of criminal proceedings against three individuals. The crackdown is being conducted jointly with regulators from Italy, Canada, Hong Kong, Australia, and the United Arab Emirates. Some 50 "warning letters" have been issued, which will result in more than 650 requests to remove content from social media platforms and more than 50 websites "operated by unauthorised finfluencers", the FCA said. It has also sent seven "cease and desist" letters, and invited four so-called finfluencers for interviews. So-called finfluencers, or financial influencers, use their social media audiences to promote investment products, share advice, or offer their opinions on investments. Many act legitimately, but some "tout products or services illegally and without authorisation through online videos and posts, where they use the pretence of a lavish lifestyle, often falsely, to promote success", according to the FCA. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading These products can be risky, such as cryptocurrencies. "Our message to finfluencers is loud and clear," said Steve Smart, joint executive director of enforcement and market oversight at the FCA. "They must act responsibly and only promote financial products where they are authorised to do so - or face the consequences." The announcement came as a group of British MPs said it had sent a letter to Meta, owner of Facebook and Instagram, asking for information on its approach to financial influencers. The letter from parliament's Treasury Committee follows evidence from FCA officials that Meta took up to six weeks to remove harmful content, longer than other platforms. "There was an isolated incident in late 2024 which resulted in a delay in actioning a small number of reports from the FCA," Meta said in a statement Friday.
eNCA
2 days ago
- Business
- eNCA
UK regulator leads crackdown on 'finfluencers'
LONDON - Market regulators from six countries are cracking down on the illegal promotion of financial products by influencers on social media, UK officials said. Britain's Financial Conduct Authority (FCA) said the action, which began on Monday, has resulted in three arrests in the UK and the authorisation of criminal proceedings against three individuals. Some 50 "warning letters" have also been issued, which will result in more than 650 requests to remove content from social media platforms and more than 50 websites "operated by unauthorised finfluencers", the FCA added. It has also sent seven "cease and desist" letters, and invited four so-called finfluencers for interviews. "Our message to finfluencers is loud and clear," said Steve Smart, joint executive director of enforcement and market oversight at the FCA. "They must act responsibly and only promote financial products where they are authorised to do so –- or face the consequences." The crackdown is being conducted jointly with regulators from Italy, Canada, Hong Kong, Australia, and the United Arab Emirates. So-called finfluencers, or financial influencers, use their social media audiences to promote investment products, share advice, or offer their opinions on investments. Many act legitimately, but some "tout products or services illegally and without authorisation through online videos and posts, where they use the pretence of a lavish lifestyle, often falsely, to promote success", according to the FCA. These products can be risky, such as cryptocurrencies. The announcement came as a group of British MPs said it had sent a letter to Meta, owner of Facebook and Instagram, asking for information on its approach to financial influencers. The letter from parliament's Treasury Committee follows evidence from FCA officials that Meta took up to six weeks to remove harmful content, longer than other platforms.
Toronto Sun
2 days ago
- Business
- Toronto Sun
International crackdown targets influencers promoting financial products
Nine regulators from Australia, Canada, Hong Kong, Italy, UAE and the UK were involved in the crackdown Published Jun 06, 2025 • 1 minute read The City of London. Photo by Jason Alden / Bloomberg Influencers promoting financial products on social media have been targeted by an international investigation led by the UK's Financial Conduct Authority. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Three people were arrested in the UK, while a further four were invited for interview, the FCA said in a statement Friday. It did not name the individuals, but said it also issued 50 warning notices and seven cease-and-desist letters for promoters operating without authorization. 'Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorized to do so or face the consequences,' said Steve Smart, joint executive director of enforcement and market oversight at the FCA. Nine regulators from Australia, Canada, Hong Kong, Italy, United Arab Emirates and the UK were involved in the crackdown, according to the statement. The FCA has been scrutinizing the surge of interest in finance content on social media platforms such as Instagram and TikTok in recent years. Last summer, it brought charges against several reality TV stars and influencers for promoting foreign exchange trading. They have pleaded not guilty and a trial is scheduled for 2027. This advertisement has not loaded yet, but your article continues below. As part of its latest investigation, the FCA has issued 650 take-down requests to social media companies. Those requests can take Meta Platforms Inc. as long as six weeks to action, Lucy Castledine, director of consumer investments at the regulator, told the Treasury select committee in April. Meg Hillier, chair of the committee, wrote to the US technology giant on June 2 asking for clarification on the delays, according to a separate statement from the TSC on Friday. 'There was an isolated incident in late 2024 which resulted in a delay in actioning a small number of reports from the FCA,' Meta said in a statement in response to the Treasury. 'This was rectified and all other relevant reports made by the FCA have been promptly processed.' Sunshine Girls Sunshine Girls Toronto & GTA Toronto & GTA Olympics
Time of India
2 days ago
- Business
- Time of India
UK regulator leads crackdown on 'finfluencers'
LONDON: Market regulators from six countries are cracking down on the illegal promotion of financial products by influencers on social media, UK officials said Friday. Britain's Financial Conduct Authority (FCA) said the action, which began on Monday, has resulted in three arrests in the UK and the authorisation of criminal proceedings against three individuals. Tired of too many ads? go ad free now The crackdown is being conducted jointly with regulators from Italy, Canada, Hong Kong, Australia, and the United Arab Emirates. Some 50 "warning letters" have been issued, which will result in more than 650 requests to remove content from social media platforms and more than 50 websites "operated by unauthorised finfluencers", the FCA said. It has also sent seven "cease and desist" letters and invited four so-called finfluencers for interviews. So-called finfluencers, or financial influencers, use their social media audiences to promote investment products, share advice, or offer their opinions on investments. Many act legitimately, but some "tout products or services illegally and without authorisation through online videos and posts, where they use the pretence of a lavish lifestyle, often falsely, to promote success", according to the FCA. These products can be risky, such as cryptocurrencies. "Our message to finfluencers is loud and clear," said Steve Smart, joint executive director of enforcement and market oversight at the FCA. "They must act responsibly and only promote financial products where they are authorised to do so -- or face the consequences." The announcement came as a group of British MPs said it had sent a letter to Meta, owner of Facebook and Instagram, asking for information on its approach to financial influencers. Tired of too many ads? go ad free now The letter from parliament's Treasury Committee follows evidence from FCA officials that Meta took up to six weeks to remove harmful content, longer than other platforms. "There was an isolated incident in late 2024 which resulted in a delay in actioning a small number of reports from the FCA," Meta said in a statement Friday. "This was rectified and all other relevant reports made by the FCA have been promptly processed."
BBC News
2 days ago
- Business
- BBC News
Finfluencers: Arrests made in crackdown by regulators
Hundreds of social media posts and websites operated by financial influencers are to be taken down following action by the City Financial Conduct Authority (FCA) said the move was part of an international crackdown, which has led to three arrests in the finfluencers can legitimately give financial tips on social media to large audiences, but sometimes this can stray into illegal financial can include a lack of authorisation and a failure to explain the risks - all packaged in promotional posts using the pretence of a lavish lifestyle. Regulators across across the UK, Australia, Canada, Hong Kong, Italy and the United Arab Emirates were involved in the crackdown during the FCA said that, in the UK, it resulted in 650 requests for deletions from social media, and 50 take downs of websites operated by unauthorised has also sent seven "cease and desist" letters, and invited four finfluencers for Smart, from the FCA, said: "Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorised to do so - or face the consequences." Promises of riches There are strict rules surrounding authorisation requirements for financial promotions in the UK. In some cases these are flouted, according to Beth Harris, head of financial crime at the FCA."The typical thing you may see is that somebody with a large social media presence will be on a beach in a sunny location with some super cars behind them, and wearing designer clothes and basically trying to sell a lifestyle," she told the BBC's Today programme. "Often they'll say they have super algorithms that means that they are a wonderful trader, so that then you can pay a fee, and then they will send you their trade."However, to do this, she said, "you must be authorised".The FCA can request that social media platforms take down certain content, but the regulator has no powers to enforce them to do called on these platforms to act on its requests plea comes as the Treasury Committee has written to the technology company Meta - the owner of Facebook and Instagram - questioning its response to this kind of harmful committee has asked Meta to set out to it why "it has taken you on occasion up to six weeks to respond to a takedown request from the Financial Conduct Authority?"A statement from Meta regarding the committee's letter said: "There was an isolated incident in late 2024 which resulted in a delay in actioning a small number of reports from the FCA. This was rectified and all other relevant reports made by the FCA have been promptly processed."
