FCA Coordinates with 17 Regulators to Combat Illegal Financial Promotions, 2.3M UK Users Exposed

Gate News message, April 24 — The Financial Conduct Authority launched a coordinated international enforcement action beginning April 20 to combat illegal financial promotions on social media. The initiative, involving regulators across 17 jurisdictions including the Australian Securities & Investments Commission, the Securities and Exchange Board of India, and the Monetary Authority of Singapore, targeted unauthorized financial content distributed by influencers, commonly referred to as “finfluencers.”

In the UK, the FCA secured a guilty plea from Aaron Chalmers for illegal financial promotions, initiated criminal proceedings against two additional individuals, and issued warning letters to four others. The regulator removed 120 social media accounts hosting unlawful content, released 34 new warning alerts, and updated 14 existing ones. Across those accounts, the FCA identified 1,267 illegal advertisements that reached at least 2,338,372 UK users. Notably, 66% of the ads originated from entities already listed on the FCA’s Warning List, indicating repeat violations. In 2025 alone, the FCA issued 2,329 warnings related to unauthorized or potentially fraudulent entities.

The FCA called on social media platforms to strengthen controls over financial promotions, citing content linked to platforms owned by Meta Platforms. Steve Smart, executive director of enforcement and market oversight at the FCA, emphasized that progress depends on “every part of the system” fulfilling its role, including social media companies. The regulator warned that engaging with unauthorized firms removes access to consumer protections such as the Financial Ombudsman Service and the Financial Services Compensation Scheme.