Finfluencers need to check they are not breaking the law, City regulator warns

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Finfluencers need to check the products they promote to ensure they are not breaking the law or putting followers’ money at risk, the City regulator has warned. Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt Steve Smart, Financial Conduct Authority The FCA has also issued 38 alerts against social media accounts operated by finfluencers which the regulator said may contain unlawful promotions. Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: “Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt. The regulator should not hesitate to take action against any found to be breaking the rules, as this would send a strong message that social media influencers may be able to reap large rewards, but they will also be held responsible for their posts.” The regulator said people should check the FCA’s warning list before making decisions about how to invest their money.