Article
Finfluencers explained: what they are and why do they matter?
Finfluencers are content creators who share financial hacks and explain investing, tax or other concepts on social media. They tend to avoid unexplained jargon, use accessible language and answer their followers’ questions. So, why is there talk of a crackdown and what’s the problem?
Last updated 19 Aug 2026 | First published 19 Aug 2026
By Helen Wood, CA 4 min read
Making Tax Digital
Self-Assessment Tax Returns
Self Employed
What is a finfluencer?
Finfluencer is a portmanteau of finance or financial and influencer. Finfluencers are typically content creators who share financial tips, investment ideas, or consumer money advice on podcasts and social media platforms such as:
- TikTok
- YouTube
- X (Twitter)
As tax, accounting and finances become increasingly complex – despite successive Governments’ stated aims of simplification – finfluencers have soared in popularity for taxpayers and consumers who want to cut through the noise and get trusted advice, in language they understand.
The most popular finfluencers have millions of followers and become minor celebrities. Arguably the most popular finfluencer in the UK is Martin Lewis, who has an e-newsletter with 9.5 million subscribers, a prime time ITV show, the ear of most major politicians and regularly polls as one of the most trusted men in the country.
What a finfluencer isn’t
It is important to differentiate between a finfluencer and a Financial Conduct Authority (FCA) authorised advisor.
Finfluencers explain and share generic financial information and rules to the public but providing personalised and specific financial advice requires an FCA-authorised financial advisor.
If finfluencers’ content strays into providing ‘regulated activities’ and they are not FCA-authorised, this is a criminal offence. Throughout this guide, we assume that the finfluencer is not also FCA authorised, unless otherwise stated.
Are finfluencers legal in the UK?
It is entirely legal to be a finfluencer in the UK and no specific qualifications or experience are required, although some sort of background in the financial services industry or economics is usually a pre-requisite to finding an audience.
However, finfluencers need to be mindful that their content does not fall foul of the Financial Promotions rules under section 21 of the Financial Services and Markets Act 2000 (FSMA).
Section 21 states that a person cannot ‘in the course of business, communicate an invitation or inducement to engage in investment activity’ unless they are FCA-authorised or have the content of their communication approved by someone who is authorised.
For example, if a finfluencer makes content recommending a crypto-asset investment opportunity or a private pension provider, this would be within the Financial Promotions rules and the post must be approved by an FCA-authorised person, known as a ‘s21 approver’.
There are grey areas such as where general tips end and specific recommendations begin where finfluencers must be particularly careful.
The recent finfluencer crackdown: what has happened?
In June 2025, the FCA led a global week of action involving nine international regulators, resulting in over 650 social media takedown requests and warnings against more than 50 unauthorised websites.
Following this, in April 2026 the FCA spearheaded a second, larger global week of action. This time 17 regulators were involved and the FCA undertook criminal enforcement measures. For instance, Geordie Shore's Aaron Chalmers plead guilty to illegal financial promotions on social media. The FCA identified 1,267 illegal financial adverts reaching a minimum of 2,338,372 UK accounts. 66% of these adverts were from firms or individuals already on the FCA Warning List.
The FCA liaises with other organisations when undertaking these kind of crackdowns:
- HMRC – on finfluencers failing to declare income relating to financial promotions
- Advertising Standards Authority (ASA) – on undisclosed paid promotions
This means finfluencers not working within the rules can face penalties from multiple organisations.
What are the risks for followers?
Followers taking finfluencer advice can make financial losses from unregulated, speculative or misleading advice. There is no protection for consumers who take unregulated advice and then lose out. By contrast, regulated advice is protected under the https://www.fscs.org.uk/Financial Services Compensation Scheme (FSCS).
The FCA guidance for social media suggests that crypto-assets, crowdfunding and contract for differences (CFDs) are some of the highest risk investment products promoted by finfluencers so should be approached with a healthy degree of scepticism.
How to check if a firm or person is FCA-registered
Use the FCA Firm Checker to see if someone is authorised or registered by the FCA.
Conversely you can also check the FCA Warning List for people and firms the FCA believes are promoting unauthorised financial products.
What should finfluencers do now?
Here are our top tips for finfluencers to ensure you stay compliant:
- Check FCA registration requirements before posting any financial content.
- Declare all income from brand deals, affiliate links, and paid promotions to HMRC.
- Self-employed? Ensure you have considered the key tax angles - income tax, National Insurance Contributions (NICs), and VAT.
- Seek qualified legal and tax advice before continuing to operate if you have any areas of uncertainty.
How can TaxAssist help?
TaxAssist Accountants can advise on all elements of business accounts, self-assessment and Making Tax Digital for income tax for influencers and content creators. We can help ensure your earnings are correctly declared and that you are claiming all the allowable expenses available to you.
We also work with carefully selected partner businesses for key business needs beyond tax and accountancy. Book a free initial consultation with our team today by calling 01959 581599 or using our online contact form.
Frequently Asked Questions
A finfluencer is a social media content creator who shares financial content - such as investment tips, savings advice, or commentary on stocks and crypto currencies - usually on platforms like TikTok, Instagram, or YouTube. Unlike regulated financial advisers, most finfluencers are not authorised by the Financial Conduct Authority (FCA) and are therefore not permitted to give personalised financial advice.
It is not illegal to create finfluencer content online. However, under the Financial Services and Markets Act (FSMA) 2000, it is a criminal offence to communicate a financial promotion without FCA authorisation or approval. If a finfluencer recommends a specific investment or product in a way that could encourage their audience to buy or sell, they may be breaking the law. FCA enforcement is now actively resulting in prosecutions.
Yes. Income earned by finfluencers, whether through brand deals, affiliate commissions, gifting, or paid promotions, is subject to income tax and may also be subject to National Insurance Contributions (NICs). Finfluencers operating as self-employed individuals must register for self-assessment with HMRC and complete a tax return each year. If annual turnover exceeds the VAT threshold (currently £90,000), VAT registration may also be required. TaxAssist accountants can help ensure your income is correctly declared.
The FCA has significantly escalated enforcement in 2025 and 2026 with global weeks of action alongside regulators from other countries. The FCA has also called on social media platforms to do more to enforce their own rules against illegal financial content.
You can check the FCA Register here to see if an individual or firm is authorised to undertake regulated activities such as investment advice. Authorised advisers will display their FCA registration number. If a finfluencer cannot provide an FCA number, their content is not regulated financial advice. Any investment decision should be made after consulting an independent financial adviser and not based solely on social media content.
Last updated 19 Aug 2026 | First published 19 Aug 2026
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Helen Wood, CA
Helen is a qualified chartered accountant (CA) and joined TaxAssist in 2025 following three years as a freelance content writer for clients in the tax and accounting publishing sector. Prior to this, She spent 17 years at Big Four and Top 10 accountancy firms. Helen writes clear and helpful articles on tax and accounting for businesses and individuals.
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