Financial promotions on social media: UK FCA launches criminal prosecutions

Following the recent publication of the UK Financial Conduct Authority’s (FCA) guidance on financial promotions on social media, the FCA has recently brought criminal charges against nine social media 'finfluencers' in connection with the promotion on social media of an unauthorised foreign exchange trading scheme relating to contracts for difference (CFDs). CFDs are a high-risk investment product used to bet on the price of an asset, in this case the price of foreign currencies. 

Firms using social media to promote crypto or investment products should make sure that they are familiar with the relevant advertising restrictions for any products they are marketing.

To find out more, please read our A&O Shearman on Investigations blog post: Likes to liability: UK FCA cracks down on 'finfluencers'.