FCA ‘finfluencer’ action soars by 174%: How to spot bad financial advice on social media

Seven social media influencers with a combined social media following of 4.5 million were sentenced at Southwark Crown Court in February for their role in promoting an unauthorised foreign exchange trading scheme, including former Love Island contestants Eva Zapico and Rebecca Gormley, and The Only Way is Essex stars Yazmin Oukhellou and Lauren Goodger.

Social media continues to play an increasing role in people’s research of investment products; however, reality TV personalities are unlikely to fall under the bracket of what many would consider a ‘finfluencer’, meaning their content is likely to be consumed in a more relaxed way. As a result, audiences may be less likely to apply the same scrutiny they would when engaging with overt financial content, despite the financial implications being just as significant.

Key findings:

• UK enforcement against ‘finfluencers’ soared by +7,300% between 2023 and 2025, rising from just 1 action to 74 as regulators ramp up their online crackdown

• The FCA recorded 112 enforcement actions against financial influencers between 2020 and 2025, ranging from cease and desist letters to formal criminal action

• Just 13% of the enforcement actions undertaken by the FCA involve criminal action or arrests (15), as the regulator favours warning alerts (50) and interviews (40)

• The UK’s Financial Conduct Authority issued just 6 enforcement actions against financial influencers in 2021, aligning with TikTok’s infancy as a platform for financial advice

FCA enforcement actions taken against financial influencers

Source: A Freedom of Information (FOI) request from BrokerChooser to the Financial Conduct Authority.

** This data was released in 2025 and may not reflect the latest sentencing of social media influencers in 2026.

The FCA’s enforcement against ‘finfluencers’ has soared since 2024, as regulators ramp up online crackdown globally

The data, sourced by the forex broker experts at BrokerChooser, shows that enforcement actions undertaken by the FCA against financial influencers increased by +174% in 2025. This continues a trend seen in 2024, when enforcement actions soared by +2,600% compared to 2023.

This surge comes amid the FCA’s expanded crackdown on illegal finfluencers in 2025, expected to result in over 650 social media takedown requests and more than 50 websites operated by unauthorised ‘finfluencers’.3

This is a stark contrast compared to earlier years, when enforcement activity against financial influencers remained minimal. Only six actions were taken in 2021, dropping slightly to four in 2022 and hitting a record low of just one in 2023.

The online investing environment remains high-risk due to limited criminal prosecution and arrests

Between 2020 and 2025, the Financial Conduct Authority relied heavily on warning alerts (50) and interviews under caution (40), but the number of cases escalated to formal legal action remains surprisingly low. In fact, just 12 criminal actions were taken, and only three financial influencers have been arrested under the FCA’s jurisdiction since 2020.

The anonymity of online platforms and the sheer volume of content uploaded daily can often provide influencers with a protective shield, making prosecution challenging. By ‘finfluencers’ disguising their promotions as ‘educational’ content or ‘personal experience’, harmful material can fall into a grey area that complicates formal regulatory action, meaning the online investing environment remains risky.

This means misleading content can still circulate widely before regulators intervene, which is particularly risky for younger and less experienced investors who may not fully understand the dangers. Influencers can delete and re-upload posts, and repeat offenders may continue until escalation occurs.

Adam Nasli, Head Broker Analyst at BrokerChooser, commented:

A practical rule of thumb for retail investors online is this: if an investment opportunity or product cannot be accessed through a well-regulated online broker supervised by authorities such as the FCA, the SEC or major EU regulators, investors should approach it with extreme caution – or avoid it altogether. Regulation does not eliminate market risk or even the risk of fraud, but it significantly reduces the likelihood of bad actors holding on to traders’ money and the emergence of misleading structures and uneven playing fields.

The same principle applies to new platforms and emerging technologies such as social trading and artificial intelligence. Copy trading on platforms like eToro works not because it promises outsized returns, but because it enforces transparency: investors can assess real-money performance, risk scores, and historical drawdowns. Following traders with at least three – and preferably five – years of track record offers no return guarantees, but it materially improves the safety framework around the decision.

AI-driven tools can also play a meaningful role by supporting research and decision-making, potentially reducing reliance on traditional advisors or wealth managers. However, using AI in isolation – for portfolio construction, market timing, or asset allocation – carries significant risks and cannot be considered prudent financial behavior.”

80% of trading videos on TikTok contain misleading information – How to spot bad financial advice online

Concerningly, BrokerChooser’s previous analysis of 100 TikTok trading videos found that just 6% encouraged viewers to do their own research, while a staggering 80% contained potentially misleading information. A common trait of problematic finfluencer content is the emphasis on displaying wealth and promoting quick, effortless paths to success. This type of content is designed to trigger fear of missing out and emotional decision-making, often luring users with claims of fast returns or investments framed as ‘risk-free.

In reality, all investments carry risk, and anyone pressuring you to act quickly should immediately raise red flags. It’s crucial not to let your guard down and always stay up to date with the latest scams. Be sceptical of advice from unregulated sources and never make rushed financial or investment decisions based on social media hype.

Adam Nasli, from BrokerChooser, commented on the rise of investment scams across social media:

“Social media has become a prime hunting ground for scammers, with billions of people using these platforms globally. Fraudsters exploit this vast reach by targeting users with enticing promises of unrealistic returns and quick profits. Common red flags include high-pressure sales tactics, unsolicited messages, and a lack of transparent documentation.

Our analysis reveals that many scam and high-risk ads attempt to bypass platform moderation by directing users to private messaging apps. Phrases like “Visit Instagram profile”, “Send WhatsApp”, “Join Telegram” are commonly used, often paired with urgency-driven language such as “Limited time” or “Don’t miss out”. This helps scammers avoid detection and continue their efforts to manipulate users in a one-on-one setting.

Ultimately, the best defense against falling victim to scams is education and due diligence. Stick to regulated platforms, look for clear risk disclaimers, and be sceptical of ads that promise exaggerated or risk-free returns. Taking the time to research the company and individual behind the ad can save you from costly mistakes.”

Global ‘finfluencer’ crackdown: Where the UK stands