The FCA and ASA jointly kicked off the education campaign.
Sharon Gaffka will help the agencies in the campaign.
Two regulatory bodies in the United Kingdom, the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA), have launched a campaign to educate financial influencers primarily to stop them from promoting illegal 'get rich quick' schemes. The agencies also partnered with Sharon Gaffka, a prominent social media influencer in the country.
Regulators Educating Finfluencers
The two regulators' campaign will involve engaging with influencers and their agents and providing them with information on identifying illegal financial schemes. The FCA, which regulates the UK financial services market, will invite influencer agents and the Influencer Marketing Trade Body to an open roundtable discussion on illegal financial promotion.
"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," said Sarah Pritchard, the FCA's Executive Director for Markets.
"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."
Partnering with a Social Media Influencer
Gaffka participated in a popular British reality TV show and is a social media personality with more than 353,000 followers on Instagram. Though the agencies announced the partnership with Gaffka, her role in the campaign is not known. However, they might be tapping her experience to learn more about social media marketing and how influencers are approached.
"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," said Gaffka.
"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."
Regulators against Illegal Financial Scheme Promotion
Financial influencers o finfluencers make a massive impact on investing habits of retail investors. According to a CySEC study, 31 percent of retail investors in the country invested based on recommendations by these finfluencers.
Both the FCA and ASA are struggling to fight the rising promotion of fake financial products. Last year, the intervention of the FCA led to the withdrawal or amendment of 8,582 promotions of financial products, which is 14 times higher than the previous year.
However, the UK regulators are not alone in the fight against financial scams pumped by the so-called influencers. Australian financial market supervisor issued multiple warnings against the activities of influencers including Tyson Scholz, a 'finfluencer' famous for the name ASX Wolf, for breaching financial market laws.
In addition, the agencies in the United States fined millions of dollars on sports and entertainment celebrities, like Floyd Mayweather, DJ Khalid, and Kim Kardashian, for promoting fraudulent cryptocurrency schemes. A recent lawsuit by SEC, also named eight American celebrities for promoting TRX and/or BTT without disclosing details of their payments.
"We've worked hard to ensure that influencers are equipped with the training and advice they need to help them advertise responsibly. From setting up a dedicated webpage to highlight those who are publishing misleading content, to using cutting-edge data science to process more ads than ever, we're seeing influencers increasingly understanding and following the rules," said Miles Lockwood, the Director of Complaints and Investigations at the FCA.
Two regulatory bodies in the United Kingdom, the Financial Conduct Authority (FCA) and the Advertising Standards Authority (ASA), have launched a campaign to educate financial influencers primarily to stop them from promoting illegal 'get rich quick' schemes. The agencies also partnered with Sharon Gaffka, a prominent social media influencer in the country.
Regulators Educating Finfluencers
The two regulators' campaign will involve engaging with influencers and their agents and providing them with information on identifying illegal financial schemes. The FCA, which regulates the UK financial services market, will invite influencer agents and the Influencer Marketing Trade Body to an open roundtable discussion on illegal financial promotion.
"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," said Sarah Pritchard, the FCA's Executive Director for Markets.
"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."
Partnering with a Social Media Influencer
Gaffka participated in a popular British reality TV show and is a social media personality with more than 353,000 followers on Instagram. Though the agencies announced the partnership with Gaffka, her role in the campaign is not known. However, they might be tapping her experience to learn more about social media marketing and how influencers are approached.
"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," said Gaffka.
"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."
Regulators against Illegal Financial Scheme Promotion
Financial influencers o finfluencers make a massive impact on investing habits of retail investors. According to a CySEC study, 31 percent of retail investors in the country invested based on recommendations by these finfluencers.
Both the FCA and ASA are struggling to fight the rising promotion of fake financial products. Last year, the intervention of the FCA led to the withdrawal or amendment of 8,582 promotions of financial products, which is 14 times higher than the previous year.
However, the UK regulators are not alone in the fight against financial scams pumped by the so-called influencers. Australian financial market supervisor issued multiple warnings against the activities of influencers including Tyson Scholz, a 'finfluencer' famous for the name ASX Wolf, for breaching financial market laws.
In addition, the agencies in the United States fined millions of dollars on sports and entertainment celebrities, like Floyd Mayweather, DJ Khalid, and Kim Kardashian, for promoting fraudulent cryptocurrency schemes. A recent lawsuit by SEC, also named eight American celebrities for promoting TRX and/or BTT without disclosing details of their payments.
"We've worked hard to ensure that influencers are equipped with the training and advice they need to help them advertise responsibly. From setting up a dedicated webpage to highlight those who are publishing misleading content, to using cutting-edge data science to process more ads than ever, we're seeing influencers increasingly understanding and following the rules," said Miles Lockwood, the Director of Complaints and Investigations at the FCA.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Interactive Brokers Posts Strong April Metrics, Daily Average Revenue Trades Soar 33%
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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