Sanctions add to growing regulatory scrutiny of online promotions
Seven social media influencers have been sentenced at Southwark Crown Court for issuing unauthorised financial promotions linked to a foreign exchange trading scheme, the Financial Conduct Authority (FCA) has announced.
Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico – whose combined Instagram audience was about 4.5 million – each admitted a single count of communicating unauthorised financial promotions.
The conduct in question related to the UK’s “general prohibition”, which makes it a criminal offence to carry on regulated activities without proper authorisation under sections 19 and 23 of the Financial Services and Markets Act 2000. On conviction, this can lead to a fine and/or a prison term of up to two years. Communicating unauthorised financial promotions is also a criminal offence under sections 21 and 25 of the Act, carrying the same maximum penalties.
Goodger received a £3,750 fine and was ordered to pay £5,778.18 in costs, while Chris was fined £600 and ordered to pay £1,000 in costs. Clayton was fined £820 and ordered to pay £1,000 in costs, and Gormley received a conditional discharge and was ordered to pay £2,866.42 in costs.
Oukhellou and Timlin were fined £974 and £938 respecitively and were both ordered to pay £1,000 in costs. Zapico received an absolute discharge and was ordered to pay £1,770.44 in costs.
Seven social media influencers have been sentenced for promoting an unauthorised foreign exchange trading scheme.
— Financial Conduct Authority (@TheFCA) February 20, 2026
All pleaded guilty to one count of issuing unauthorised financial promotions and were given a range of penalties.https://t.co/lxv31t7Rqf pic.twitter.com/tHtySRry6C
“These influencers betrayed the trust of those who followed them,” said Steve Smart, executive director of enforcement and market oversight at the FCA. “We’ll continue to work with responsible influencers and go after those who put the financial wellbeing of their followers at risk.”
The case comes against a backdrop of continuing FCA concern over high‑risk leveraged products such as contracts for difference (CFDs). The regulator has previously stated that around 80% of retail customers lose money when trading CFDs, reflecting the use of leverage and the potential for losses to exceed the original stake. In the UK, the FCA has imposed rules limiting the way CFDs and similar options can be marketed and sold to retail clients, and it continues supervisory work aimed at reducing harm in this market.
To address the growing use of social media in financial advertising, the FCA has issued finalised guidance on how financial promotions should be communicated on these platforms. The guidance sets out its expectations for authorised firms and influencers when using social media, and is intended to curb emerging consumer detriment arising from online promotions.
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