Seven influencers have been sentenced and fined by the Financial Conduct Authority for promoting an unauthorised foreign exchange trading scheme.
Collectively, the individuals, many of whom appeared on popular UK television programmes including Love Island, had a combined following of more than four million.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: “These influencers betrayed the trust of those who followed them.”
“We’ll continue to work with responsible influencers and go after those who put the financial wellbeing of their followers at risk.”
Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico all pleaded guilty to one count of issuing unauthorised financial promotions.
The FCA first launched action against the individuals in May 2024, alleging that they had promoted a complex contract for difference product through social media despite not being authorised to do so.
At the time, Smart warned of the risks posed to young audiences who may idolise influencer lifestyles, highlighting the dangers of unauthorised financial promotions targeted at retail consumers.
Breaching the General Prohibition is an offence under Sections 19 and 23 of the Financial Services and Markets Act 2000, punishable upon conviction by a fine and/or up to two years’ imprisonment, according to the FCA.
The regulator has also issued finalised guidance on social media financial promotions, citing rising levels of consumer harm linked to influencer-led activity.
Further information on the FCA’s influencer guidance can be found on its website and here.