UK_s Financial Watchdog Teams Up with Foreign Regulators to Crackdown on _Finfluencers_ _ Spotlight

UK's Financial Watchdog Teams Up with Foreign Regulators to Crackdown on "Finfluencers" | Spotlight | N18G

The United Kingdom's Financial Conduct Authority (FCA) has launched a coordinated effort with foreign regulators to curb the growing problem of unauthorised financial promotions by so-called "finfluencers" on social media. The FCA has teamed up with regulatory bodies from Australia, Canada, Hong Kong, Italy, and the United Arab Emirates for a coordinated week of action. Last year, the FCA issued a stark warning to influencers, stating that promoting financial products without authorisation could constitute a criminal offence. In the latest crackdown, the police have arrested three individuals, the FCA has issued seven cease-and-desist letters, and four "finfluencers" have been invited for interviews. Britain's financial watchdog has also issued 50 warning alerts, which will result in 650 takedown requests for social media platforms and 50 takedown requests for websites operated by unauthorised financial influencers. Watch this video to know more.

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