London, 11 September 2025 – The UK’s Financial Conduct Authority (FCA) has brought three social media personalities – commonly referred to as “finfluencers” – before court in the first criminal proceedings to arise from a global crackdown on illegal financial promotions.
Charles Hunter (Exeter), Kayan Kalipha (London), and Luke Desmaris (Harlow) appeared before Westminster Magistrates’ Court, each charged with offences under Section 21(1) of the Financial Services and Markets Act 2000. The FCA alleges they illegally promoted contracts for difference (CFDs) and other high-risk forex products to their online audiences without proper authorisation.
The Case Against Finfluencers
According to the FCA, the defendants encouraged followers to engage in forex and CFD trading, products that the regulator has repeatedly warned are unsuitable for most retail investors. CFDs are highly leveraged derivatives, meaning traders can lose more than their initial investment. The FCA estimates that around 80% of retail customers lose money when trading these instruments.
All three individuals have pleaded not guilty. They are due to appear at Southwark Crown Court on 8 October 2025 for further hearings. If convicted, they could face fines and/or up to two years’ imprisonment.
Part of a Global Crackdown
These charges are part of a coordinated enforcement campaign launched in June 2025, in which the FCA worked with regulators across six countries and nine authorities. The international sweep resulted in:
- Arrests and interviews of suspected illegal promoters.
- Over 650 takedown requests across social media platforms and websites.
- Cease-and-desist letters to influencers and firms mis-selling financial products.
This is the first UK case to reach court following that operation, underscoring the FCA’s intent to hold individuals accountable for online financial misconduct.
The Rise – and Risks – of Finfluencers
“Finfluencers” leverage social media platforms like Instagram, TikTok, and YouTube to share investment tips and promote financial products. While many operate legitimately, others exploit their reach by marketing unregulated or high-risk products, often showcasing lavish lifestyles to entice followers into believing in quick financial success.
The FCA has long cautioned consumers about the risks of following unregulated financial advice online. Its InvestSmart campaign urges the public to check whether firms and individuals are authorised using the FCA’s Firm Checker tool before making investment decisions.
Implications for the UK and Global Industry
- Regulatory Warning Shot – The FCA is making clear that social media is no loophole. Financial promotions laws apply online as much as offline.
- Global Coordination – The joint operation highlights increasing international cooperation in tackling online financial crime, from Europe to Asia and beyond.
- Platforms Under Pressure – With hundreds of takedown requests already issued, social media companies may face scrutiny for how they police financial content.
- Investor Protection Frontline – Retail investors remain at high risk from unregulated content. Regulators are sharpening their tools to cut through the noise.
Final Word
The FCA’s prosecution of Hunter, Kalipha, and Desmaris is a clear signal: unauthorised financial promotions by influencers will not be tolerated. As digital platforms blur the line between entertainment and financial advice, regulators are moving to ensure that consumer protection keeps pace.
For finfluencers, the message is equally stark: get authorised, or get out of the game.
