There was some shock this week when the FCA announced that it was charging nine social media influencers, including some reality TV stars, in connection with promotion of an unauthorised investment trading scheme.

The FCA has brought charges against nine people in relation to an unauthorised investment scheme promoted on social media.

The FCA has threatened to crack down on influencers and finance firms that publish financial promotions on social media platforms that are not fair and clear.

This week's FCA’s crackdown on rule-breaking social media posts and so-called ‘finfluencers’ is long overdue, according to Rosie Hooper, chartered financial adviser at Quilter.