FCA bosses highlight risks of bad advice or fraud from some online influencers

Technology has brought down the cost of fraud to criminals, the Treasury Committee heard (Dominic Lipinski/PA) - (PA Archive)

The risks of bad advice or fraud from some online financial influencers have been highlighted by bosses from the City regulator.

Giving evidence to the Treasury Committee’s inquiry into financial influencers, or “finfluencers”, Lucy Castledine, director of consumer investments at the Financial Conduct Authority (FCA) said: “Over the course of 2024, we received 25,000 reports of unauthorised businesses.”