Last reviewed: 30 May 2026
Anyone following finance tips from a reality TV personality on Instagram or TikTok should think twice. Aaron Chalmers, formerly of Geordie Shore, has pleaded guilty to illegal financial promotions, the Financial Conduct Authority confirmed in its press release on 24 April 2026. Criminal proceedings have been commenced against two further individuals for similar offences.
The scale of the problem
The FCA coordinated a global week of action against unlawful financial influencers, joined by 16 other regulators worldwide. The activity, which started on 20 April 2026, resulted in 120 social media account takedown requests. Within those accounts, the FCA identified 1,267 illegal financial adverts which had collectively reached a minimum of 2,338,372 UK accounts. The regulator also issued 34 new warnings against unauthorised firms and updated 14 existing alerts.
What is an illegal financial promotion
A financial promotion is any invitation or inducement to engage in investment activity. In the UK, anyone making a financial promotion in the course of business must either be authorised by the FCA or have their promotion approved by an authorised firm. A finfluencer recommending a specific investment, trading platform, or crypto product without that authorisation is committing a criminal offence under section 21 of the Financial Services and Markets Act 2000.
Sixty-six per cent of the illegal adverts the FCA identified in the recent week of action came from firms or individuals already listed on the FCA Warning List.
How to check before you follow
The FCA publishes a free Financial Services Register showing every authorised firm and individual. Anyone considering a financial product they have seen on social media should verify that the firm is authorised for the activity they are promoting. The FCA Warning List shows unauthorised firms and individuals that consumers should avoid.
The wider context
Survey data referenced by the FCA suggests around 7.7 million UK adults have taken financial advice from a social media personality in the past year, and 1.9 million did not check the influencer's qualifications. The regulator has previously secured guilty pleas from several reality TV personalities for similar offences and continues to call on social media platforms to take stronger action to prevent illegal financial promotions at source.
What changes for ordinary social media users
The week of action does not change UK law, but it indicates rising prosecution risk for unauthorised promoters. For users, the practical consequence is that any post recommending a specific stock, fund, crypto token, foreign exchange platform, or trading service should be verified against the FCA Register before any money is transferred. A glossy lifestyle profile is not a regulatory credential.
Frequently Asked Questions
Is following a finfluencer illegal?
Following is not illegal. What is illegal is the finfluencer making an unauthorised financial promotion in the course of business. Following an unauthorised post does not put the user at criminal risk but it does put their money at risk.
How do I check if a finfluencer is authorised?
Search the FCA Financial Services Register for the firm or individual name. Authorised firms are listed with the activities they are permitted to carry out.
What should I do if I have already invested through a finfluencer?
Contact the FCA via the consumer helpline if the firm is not authorised. If the firm is authorised, raise a complaint with the firm first, then escalate to the Financial Ombudsman Service if not resolved.
Are crypto promotions covered?
Yes. The FCA brought certain qualifying crypto promotions into scope under its financial promotions regime in October 2023. Unauthorised crypto promotions are also a criminal offence.
How We Verified
Enforcement figures, the named guilty plea, and the international scope of the week of action were taken from the FCA press release of 24 April 2026 and the FCA Warning List. Survey estimates on UK adults following finfluencers were drawn from FCA consumer research published alongside the enforcement campaign.
