FCA confirms a woman charged with illegally promoting foreign exchange deals on social media will face trial in 2028
The Financial Conduct Authority (FCA) has confirmed that a woman charged with illegally promoting foreign exchange (forex) deals on social media is to stand trial in 2028. The case involves allegations of unlawful financial promotions, a category of conduct that the FCA has increasingly prioritised as social media influencers and online personalities have entered the retail investment marketing space. Financial promotions rules in the UK require that any communication that is a financial promotion (broadly, an invitation or inducement to engage in investment activity) must either be issued by an authorised person or approved by one. Promoting forex products, which carry high risk and are subject to specific leverage restrictions for retail clients, without proper authorisation or approval is a criminal offence under the Financial Services and Markets Act 2000. The trial date of 2028 reflects the relatively long pre-trial period that characterises FCA criminal prosecutions, which involve complex disclosure exercises and specialist expert evidence on the nature and reach of the promotions alleged. The case is part of a broader FCA enforcement push against unauthorised financial promotions on social media platforms, which has seen the regulator issue increasing numbers of alerts and referrals to the Crown Prosecution Service in recent years. The outcome will be significant for the influencer marketing sector and for platforms that host investment-related content.
Why this matters
This case sits at the intersection of FCA criminal enforcement and the rapidly evolving digital financial promotions landscape. For regulatory lawyers, it illustrates that the FCA is willing to pursue criminal prosecution, not just civil enforcement, in the social media promotions space. The long lead time to trial creates ongoing compliance uncertainty for platform operators and social media influencers who monetise financial content. The Financial Services and Markets Act 2000 framework for financial promotions applies equally to digital and traditional channels, but enforcement in the digital space raises novel questions around jurisdiction, evidence preservation from social media platforms, and the mens rea (criminal intent) element of promotions offences. The case also has implications for authorised firms that approve financial promotions, given the FCA's focus on approver liability.
On the Ground
On a regulatory enforcement matter of this type, a trainee would assist with drafting compliance gap analysis memos comparing the defendant's alleged social media conduct against the FCA's financial promotions rules, and help prepare remediation tracker updates for any firm under investigation. You would also coordinate skilled persons report logistics if the FCA had required an independent review of promotions systems and controls.
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“Why might the FCA pursue a criminal prosecution rather than civil enforcement for an alleged social media financial promotions breach, and what are the implications for compliance teams?”
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