International Influencer Crackdown Leads to Three UK Arrests (1)

Influencers promoting financial products on social media have been targeted by an international investigation led by the UK’s Financial Conduct Authority.

Three people were arrested in the UK, while a further four were invited for interview, the FCA said in a statement Friday. It did not name the individuals, but said it also issued 50 warning notices and seven cease-and-desist letters for promoters operating without authorization.

“Our message to finfluencers is loud and clear. They must act responsibly and only promote financial products where they are authorized to do so or face the consequences,” said Steve Smart, joint ...