Influencers face interview under caution for promoting illegal financial products in the UK [Video]

The City watchdog in London is grilling social media influencers in a clampdown on illegal promotions of financial service products, writes Emily Hawkins.

The Financial Conduct Authority (FCA) said 20 social media influencers – dubbed ‘finfluencers’ – are being interviewed under caution.

Increasing numbers of influencers have been giving financial advice they are unqualified to provide in recent years.

This has sparked concerns because their followers are often young and impressionable.

Regulators are worried that minor celebrities are persuading people to invest in products that are unsuitable, highly risky or even fraudulent.

The FCA would not name the individuals, but said that it is speaking to them voluntarily under caution using its criminal powers.

As part of a wider crackdown, the FCA has also recently named 38 social media accounts on its website, which could be making unlawful promotions.

The regulator has been focusing on individuals promoting foreign exchange trading – known as …