The UK Financial Conduct Authority (FCA) has hit multiple “influencers” (or finfluencers) with financial penalties due to unauthorised promotion of FOREX trading, according to a statement from the regulator.
While everyone should understand that you should ignore influencers who seek to provide investing advice, especially those with minimal financial acumen, it remains a problem. The FCA reports that seven social media influencers have been sentenced at Southwark Crown Court for the promotion of a foreign exchange trading scheme.
This included:
- Lauren Goodger was fined £3,750 and ordered to pay costs of £5,778.18.
- Biggs Chris was fined £600 and ordered to pay £1,000 in costs.
- Jamie Clayton was fined £820 and ordered to pay £1,000 in costs.
- Rebecca Gormley was given a conditional discharge and ordered to pay costs of £2,866.42.
- Yazmin Oukhellou was fined £974 and ordered to pay £1,000 in costs.
- Scott Timlin was fined £938 and ordered to pay costs of £1,000.
- Eva Zapico was given an absolute discharge and ordered to pay costs of £1,770.44.
Steve Smart, executive director of enforcement and market oversight at the FCA, commented on the penalties:
“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.”