{"id":5820,"date":"2025-03-04T12:53:17","date_gmt":"2025-03-04T12:53:17","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=5820"},"modified":"2025-03-07T10:19:21","modified_gmt":"2025-03-07T10:19:21","slug":"beware-of-the-dangers-of-finfluencers","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2025\/03\/04\/beware-of-the-dangers-of-finfluencers\/","title":{"rendered":"Beware of the dangers of \u2018finfluencers\u2019"},"content":{"rendered":"
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The FCA issued 38 warnings about social media accounts promoting potentially illegal financial products\u00a0<\/td>Young people are particularly vulnerable to scams endorsed by unregulated financial influencers, or \u2018finfluencers\u2019\u00a0<\/td>Always seek advice from FCA-authorised professionals to avoid scams and unsuitable financial recommendations online\u00a0<\/td><\/tr><\/tbody><\/table><\/figure>\n<\/div>\n\n
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While financial influencers, or \u2018finfluencers,\u2019 can help raise awareness about money-related matters, their rise has also highlighted the risks of unregulated advice.<\/strong>  <\/p>\n<\/div>\n\n

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In the UK, over one in four people turn to social media platforms, messaging apps, or online forums for investment tips, according to research1<\/sup>. A fifth of this group cite \u2018free access to financial experts\u2019<\/em> as a key reason for seeking advice online, while a quarter appreciate the speed and convenience of these platforms. <\/p>\n<\/div>\n\n

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The risks of online advice<\/strong> <\/p>\n<\/div>\n\n

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Turning to social media for financial advice comes with significant risks, particularly as many users do not verify the credibility of the advice they receive. Specifically, over half of UK adults who rely on social media for investment guidance admit they don\u2019t check the legitimacy of \u2018finfluencers\u2019 and their advice. Young people in particular are more prone to falling victim to scams which are often endorsed by unreliable influencers. <\/p>\n<\/div>\n\n

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Actions against \u2018finfluencers\u2019<\/strong> <\/p>\n<\/div>\n\n

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The Financial Conduct Authority (FCA) has taken steps to combat this by issuing 38 warnings about social media accounts promoting potentially illegal financial products. In many instances, these influencers are not FCA-authorised and don\u2019t have the qualifications to give financial advice. <\/p>\n<\/div>\n\n

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Social media has its advantages, but it\u2019s essential to make sure that financial advice comes from a reliable and accredited professional to avoid scams and unsuitable recommendations. <\/p>\n<\/div>\n\n

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1<\/sup>Barclays, 2024 <\/p>\n<\/div>\n\n

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It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong> <\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The FCA issued 38 warnings about social media accounts promoting potentially illegal financial products\u00a0 Young people are particularly vulnerable to scams endorsed by unregulated financial influencers, or \u2018finfluencers\u2019\u00a0 Always seek advice from FCA-authorised professionals to avoid scams and unsuitable financial recommendations online\u00a0 While financial influencers, or \u2018finfluencers,\u2019 can help raise awareness about money-related matters, their […]<\/p>\n","protected":false},"author":4,"featured_media":5821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,77],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5820"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=5820"}],"version-history":[{"count":7,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5820\/revisions"}],"predecessor-version":[{"id":5864,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/5820\/revisions\/5864"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/5821"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=5820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=5820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=5820"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=5820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}