Seven social media influencers have been sentenced at Southwark Crown Court after admitting their involvement in promoting an unauthorised foreign exchange trading scheme, in a case that underscores the growing regulatory scrutiny of financial content shared online.
Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico each pleaded guilty to one count of issuing unauthorised financial promotions.
The charges relate to their role in advertising a foreign exchange trading operation that had not been approved by an authorised firm, a requirement under UK financial services law.
The court handed down a range of penalties. Lauren Goodger was fined £3,750 and ordered to pay costs of £5,778.18. Biggs Chris received a £600 fine and was ordered to pay £1,000 in costs. Jamie Clayton was fined £820 and must also pay £1,000 in costs. Yazmin Oukhellou was fined £974 and ordered to pay £1,000 in costs, while Scott Timlin was fined £938 with the same £1,000 cost order.
Rebecca Gormley was given a conditional discharge and ordered to pay costs of £2,866.42. Eva Zapico received an absolute discharge but was required to pay costs of £1,770.44.
The case reflects the Financial Conduct Authority’s (FCA) continued efforts to clamp down on illegal financial promotions, particularly those amplified through social media platforms. Under UK regulations, financial promotions must be approved by an authorised firm to ensure they are fair, clear and not misleading. Failure to do so is a criminal offence.
The FCA has repeatedly warned that the rise of online influencers promoting high-risk investment products – including foreign exchange and cryptoassets – poses a growing threat to retail investors. Such promotions can reach vast audiences in a short space of time, often without adequate risk disclosures.
In a statement following the sentencing, FCA executive director of enforcement and market oversight Steve Smart said, “These influencers betrayed the trust of those who followed them. We’ll continue to work with responsible influencers and go after those who put the financial wellbeing of their followers at risk.”
The regulator has stepped up enforcement activity in recent years as part of a broader campaign to address misleading or unlawful financial marketing online. It has also issued guidance to influencers and authorised firms, making clear that anyone communicating financial promotions must comply with regulatory requirements, regardless of their background or primary profession.
The case serves as a warning to content creators that financial promotions fall squarely within the scope of financial services regulation. As the lines between entertainment, lifestyle branding and financial advice continue to blur, the FCA’s message is clear: social media reach does not exempt individuals from the law.
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