What do you call a social media influencer who promotes financial products and shares financial advice with their followers? A “finfluencer”, of course.

Finfluencers have been on the rise in recent years. So too has been concern about their activities. We have previously discussed here the Advertising Standards Authority working with the Financial Conduct Authority (FCA) to educate finfluencers about what might constitute illegal financial promotion.

Similarly, we considered here guidance from the FCA about financial promotions on social media, in which the FCA expressed concern about finfluencers who have developed a loyal fanbase but are not authorised to provide financial advice, as well as celebrity influencers who are approached by large companies to promote services.

This was followed by the announcement of a “crackdown” by the FCA on those who provide financial advice or promote financial services products on social media platforms without being authorised by the FCA to do so (on which, see here).

Now it is the House of Commons’ Treasury Committee which is putting finfluencers under the microscope, having launched an inquiry “to examine the regulation of financial influencers – finfluencers – and to examine whether finfluencing should be encouraged or discouraged”.

The inquiry began to hear oral evidence at the end of last month, but no further information has yet been published about future sessions or how long it is expected to last.

To visit the Inquiry’s webpage, click here.