The FCA said it took part in a global 'week of action' starting April 20, involving 17 regulators from countries including Australia, Belgium, Brazil, Canada, Denmark, India, Ireland, New Zealand, Norway and Singapore. In the UK, the regulator made 120 account takedown requests, identifying 1,267 illegal financial adverts that reached at least 2,338,372 UK accounts. Two-thirds of these adverts came from firms or people already on the FCA’s Warning List. The action included criminal proceedings, warning letters, and takedown requests to social media platforms.
Steve Smart, Executive Director of Enforcement and Market Oversight at the FCA, said: "This collective push with international partners is vital in helping to protect millions of consumers from harm." He added: "We will only make real progress in the fight against financial crime if every part of the system plays its role – including social media firms."
This collective push with international partners is vital in helping to protect millions of consumers from harm.
The FCA noted that many financial social media content creators act legitimately, but some tout products or services illegally without authorisation. The regulator encouraged consumers to use its online Firm Checker to confirm if a firm is authorised, warning that dealing with unauthorised firms can mean losing access to protections such as the Financial Ombudsman Service and Financial Services Compensation Scheme. The action follows a previous international week of action in June 2025.
We will only make real progress in the fight against financial crime if every part of the system plays its role – including social media firms.