Emma RadmoreThe FCA has joined forces with regulators across the globe to take action against finfluencers who are causing consumer harm by promoting financial products and services illegally.
During last week’s week of action which also included regulators from Australia, Canada, Hong Kong, Italy and the UAE, the FCA:
- made 3 arrests and authorised criminal proceedings against 3 individuals;
- invited 4 finfluencers for review; and
- sent 7 cease and desist letter and issued 50 warnings.
It said the effect of the warnings will lead to over 650 “take down” requests on social media platforms and websites.
The Treasury Committee has also written to Meta asking it to explain why it takes Meta much longer than other platforms to comply with FCA “take down” requests.