Context
The FCA has fined seven social media influencers for their role in promoting an unauthorised foreign exchange trading scheme involving Contracts for Differences.
Key points to note and next actions
Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico all pleaded guilty to one count of issuing unauthorised
financial promotions. Of these, fines were issued as follows –
- Lauren Goodger was fined £3,750 and ordered to pay costs of £5,778.18.
- Biggs Chris was fined £600 and ordered to pay costs of £1,000.
- Jamie Clayton was fined £820 and ordered to pay costs of £1,000.
- Rebecca Gormley was given a conditional discharge and ordered to pay costs of £2,866.42.
- Yazmin Oukhellou was fined £974 and ordered to pay costs of £1,000.
- Scott Timlin was fined £938 and ordered to pay costs of £1,000.
- Eva Zapico was given an absolute discharge and ordered to pay costs of £1,770.44.
These outcomes demonstrate that the FCA will pursue individuals who communicate unauthorised financial promotions. Firms should ensure that care is taken that social media publications are compliant with the FCA’s expectations, that they meet the “Fair clear and not misleading” principle, and records are kept of all promotional activity to allow any challenge to be responded to.