Reality TV stars among finfluencers charged for promoting unauthorised FX scheme

Nine 'finfluencers' - including former participants ofLove IslandandCelebrity Big Brother- have been charged by the FCA in relation to the social media promotion of an unauthorised foreign exchange trading scheme for which they could receive a fine and/or up to two years' imprisonment. They are due to appear before Westminster Magistrates' Court on 13 June.

By Neasa MacErlean

The Financial Conduct Authority has been focusing on this area for over a year, publishingguidanceon 26 March that detailed its expectations and explained that unauthorised persons, such as social media influencers, whopromoted regulated productswithout the approval of an appropriate FCA-authorised person might be committing a criminal offence.