Risky business: FCA combats the rise of finfluencers

There is a worrying disparity between the level of trust placed by younger adults in social media influencers and the often detrimental outcomes of their advice on financial matters. Richard Coopey discusses the problem and a clampdown from the regulator.

Richard Coopey is a partner at Grosvenor Law, where he acts on a wide range of contentious business issues. Contact him on richard.coopey@grosvenorlaw.com.

International regulators have shown themselves to be uncompromising in their approach to cryptoassets. In June 2023, the Markets in Crypto Assets Regulation (MiCA) entered into force across all 27 member states in the European Union with the primary aim of protecting consumers. Issuers must implement robust AML (anti-money laundering) procedures to identify and verify the identity of their customers, monitor transactions and report any suspicious activity to authorities.