The FCA is currently interviewing 20 finfluencers under caution over allegations of illegally promoting financial services.

Additionally, the FCA has issued warnings to 38 social media accounts suspected of the same.

Research from the FCA has found waves of young people are falling for scams through social media platforms, with 62% of 18 to 29-year-olds saying they follow influencers. Amazingly, 74% of these said they trusted the advice shared online, while nine out of 10 having been tempted into making financial decisions.