The FCA has announced that it and the ASA have teamed up with the social media influencer Sharon Gaffka to help educate “fin-fluencers” about the risks involved in promoting financial products.

In addition, the FCA says that together with the ASA, the regulators will be engaging with influencers and their agents, providing them with clear information about what could be an illegal financial promotion. This includes an infographic designed for influencers, which will set out what they should check before accepting brand deals for financial products and services.

Influencer agents and the Influencer Marketing Trade Body will be invited by the FCA to an open roundtable discussion on illegal financial promotions.

The FCA says that both it and the ASA have grown increasingly concerned about the misuse of social media by influencers and the harm this can cause their followers.

Sarah Pritchard, Executive Director, Markets said: “We’ve seen more cases of influencers touting products that they shouldn’t be. They are often doing this without knowledge of the rules and without understanding of the harm they could cause their followers. We want to work with influencers so they keep on the right side of the law, as this will also help protect people from being shown scams or investments that are too risky.”

Sharon Gaffka said: “When you leave a show like Love Island, you are bombarded with opportunities to promote products and work with brands, if like me, you’re new to this kind of work, it can be a little bit overwhelming. This campaign with the FCA and ASA will hopefully make sure other influencers stay on the right side of the law and prevent them from unknowingly introducing their followers to scams or high-risk investments.” To read the FCA’s press release in full, click here.