The FCA is interviewing 20 'finfluencers' under caution who may be touting products illegally, extending its crackdown on financial product promotions via social media personalities
The FCA has also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions.
The watchdog says nearly two-thirds (62%) of 18 to 29-year olds follow social media influencers, 74% of those said they trusted their advice and 9 in 10 young followers have been encouraged to change their financial behaviour.
Research from Barclays published earlier this week revealed how half (51 per cent) of Brits who use social media for investment guidance are putting their confidence and money at risk by not always carrying out checks to verify the reliability of finfluencers and their content.
Steve Smart, joint executive director of enforcement and market oversight at the FCA says: "Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt.
"Finfluencers need to check the products they promote to ensure they are not breaking the law and putting their followers' livelihoods and life savings at risk."
The FCA has already taken against nine individuals and finfluencers for promoting an unauthorised foreign exchange trading scheme, with trial dates scheduled for 1 February 2027 and 15 March 2027 at Southwark Crown Court.