Social media finfluencers. Internet searches. AI chatbots. A growing number of people in the UK are turning to unregulated – and often unreliable – sources for financial advice.
A recent study* revealed that 40% of UK investors used social media to inform their financial decisions in the last two years, with 12% specifically turning to finfluencers – or financial influencers – who post on Instagram, Facebook and TikTok.
To protect investors from misleading advice, the Financial Conduct Authority (FCA) is taking decisive action. Last year, it suspended, removed or blocked more than 1,600 websites suspected of promoting financial services without permission.
The regulator has also collaborated with tech giants, such as Google and Apple, to remove more than 50 financial scam apps in a bid to tackle fraud.
Avoid making an expensive mistake
The FCA crackdown targeted authorised firms too, with nearly 20,000 non-compliant financial promotions being amended or withdrawn in 2024 alone, compared with fewer than 600 in 2021. For some, however, the action has come too late. More than half of adults who have made financial decisions based on social media advice have lost money, according to data from one UK bank**.
Scammers now impersonating the FCA
In the first half of the year, the FCA have received 4,465 reports of fraudsters impersonating the regulator, with 480 of the victims losing money***. The advice is clear – be suspicious of unsolicited calls, texts, emails or offers. The FCA would not ask people to send money, bank account details, passwords or PIN numbers and does not use WhatsApp, other messaging services or automated calls to contact people.
Stay safe, stay informed
With so much unregulated content, advice online and sophisticated scams, even experienced investors can be caught out. You need to be on your guard. We’re here to guide you through and help you make professionally advised, confident, informed choices to benefit, not jeopardise your financial future.
- Contact Cailean at hello@cailean.co.uk or call us on 01577 212577.
* Be Invested report – Fidelity International, July 2025
** TSB, July 2025
*** Almost 5,000 fake FCA scams reported in first 6 months of 2025 – FCA, August 2025
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