iFinfluencers – Don’t Believe the Hype

This month, the great Louis Theroux turned his disarmingly affable yet razor-sharp interview technique on the world of celebrity “influencers” and the manosphere. The show has sparked plenty of debate, but one major red flag stood out: some online personalities aren’t just selling lifestyle choices – they are trying to flog highly questionable “investment” products. These people are often known as finance influencers, or “Finfluencers.”

In February, reporting restrictions were lifted on a series of cases brought by the Financial Conduct Authority (FCA) against social media influencers accused of unlawfully promoting “get rich quick” schemes. Together with the aforementioned documentary, these cases highlight a growing problem of people promoting potentially damaging and unsuitable “money making schemes” to millions of loyal – but often financially inexperienced – followers. The names have now emerged, including Biggs Chris, Jamie Clayton and Lauren Goodger. Goodger was fined £3,750 and ordered to pay costs of £5,778.18, Chris was fined £600 with £1,000 in costs, and Clayton was fined £820 with £1,000 in costs.

The FCA has revealed it is currently interviewing a further twenty UK “finfluencers”, who it is unable to identify at this current time. It has also issued warnings to another thirty-eight social media accounts. In a sign of how seriously it is taking the issue, the normally staid FCA has even joined forces with host of international regulators to bring legal action.

These examples are the tip of the iceberg in the online promotions and monetisation of social media followers game. Pushing a mantra of “Lifestyle first, Risk/Pay later,” those touting these investments are unlikely to be putting their own money in. They are actually making a living from taking a cut of your money as you pay it into the firm’s account. The more people that “finfluencers” get to part with their cash, the more they make as a commission. With the rapid progress of artificial intelligence (AI), the “person” behind the pitch may not even be real – and the images of “success” and “wealth” could be entirely artificial.

AI, as in many sectors, is changing everything in financial crime. Not only can AI-generated content be used to deceive you, but some schemers even sell AI products as part of the scam. You may have seen posts urging you to “subscribe” to AI-powered stock picking, currency buying or interest swapping software that promises to “do it all for you.” So here we have a double whammy – you pay for access to an AI engine that then funnels money you put in into a dodgy Forex scheme. In this scenario it’s likely that your influencer is getting a double kickback from both firms – while you bear the full loss.

Many of the misleading ads will be picked up by the FCA, which uses monitoring techniques to review websites and social media, alongside human intervention where required. However, these efforts aren’t enough – as individuals we all need to be more aware of how these schemes operate, how to spot the warning sides, and how to avoid being drawn in.

There are a few key rules of thumb I would encourage everyone to follow. Firstly, if it sounds too good to be true, it is. In practical terms, stay away from anything encouraging you to “bet” on stocks, currencies or similar assets. While not necessarily illegal, these schemes are often only suitable for experienced investors operating through proper channels. Remember that it is very unlikely you will get any money back from unsuitable investments. If the firm is unregulated, and – as is often the case – outwith the UK, then the chances are pretty much non-existent. Even when a firm is regulated, recovering losses can be difficult and may require legal action by you or intervention from the regulator.

We’ve looked into a number of these online schemes, and most were either unregulated (with no protections) or so high risk that they were only suitable for very experienced individuals who can afford to lose everything they put in. Currency trading and Contracts for Difference (marketed as ‘betting on the exchange’) are to be particularly avoided. Many rely on high levels of debt to ‘amplify’ gains, but this leverage can just as quickly spiral into uncontrollable losses within minutes or hours.

What more people need to understand is that these are sophisticated psychologically advanced adverts, supercharged by rapidly evolving tech. They are designed to pull you in to click through and they target everyone, not just vulnerable people. Risks are downplayed or sometimes not shown at all. The best course of action is to avoid putting money into these schemes on social media unless you’ve thoroughly researched it – and never to feel pressured by the false sense of urgency created by these ads.

Published in The Scotsman Money on 28 April 2026.