Three ‘finfluencers’ appeared before Westminster Magistrates Court today over alleged offences relating to social media posts.
Charles Hunter, Kayan Kalipha and Luke Desmaris are alleged to have encouraged their social media followers to invest in foreign exchange trading via high-risk products known as contracts for difference (CFDs), or derivatives, despite not being authorised to promote such investments.
Following their first court appearance, the Financial Conduct Authority said all three defendants pleaded not guilty and will appear at Southwark Crown Court for a hearing on 8 October 2025.
The charges followed the Financial Conduct Authority’s announcement in June that it, along with regulators in other countries, was cracking down on illegal financial promotions by finfluencers via social media.
The trio have each been charged with one count of communicating an invitation to engage in investment activity, contrary to section 21(1) of the Financial Services and Markets Act 2000.
Contravention can be punished on indictment by a fine, or a fine and a prison sentence of up to two years.
Three ‘finfluencers’ appeared before Westminster Magistrates Court on Wednesday
The FCA said anyone who thinks they have suffered a loss in the matter should get in touch with its freephone consumer contact centre.
Finfluencers are social media personalities who use their platform to promote financial products and share insights and advice with their followers.
While some are above board, others, according to the FCA, ‘tout products or services illegally and without authorisation through online videos and posts, where they use the pretence of a lavish lifestyle, often falsely, to promote success’.
The FCA has previously said 80 per cent of people lose money when investing in CFDs ‘because of the risks’.
In Britain, the FCA has restrictions on how financial products like CFDs can be sold and marketed to the general public.
It said on Wednesday it was actively working to address ‘consumer harm’ in this sector.
In March 2024, the FCA warned finfluencers and businesses to stay on ‘the right side of the rules’ when using financial promotions on social media channels like TikTok, YouTube and Facebook.
It said it expected adverts to be fair, clear and not misleading, adding that they must have a balanced view of the benefits and risks of any given financial product, as well as being compliant.
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