'Finfluencer' trial dates set

Earlier this year, the Financial Conduct Authority (FCA) charged several popular tv personalities and influencers with issuing unauthorised communications of financial promotions, under Section 21 of the Financial Services and Markets Act 2000 (FSMA). 

Our article dated 20 May 2024 explored the charges brought against the ‘finfluencers’ and provides further details of the official FCA guidance for influencers and social media users who may be approached with similar opportunities, and how to avoid criminal prosecution. 

Seven out of the nine ‘finfluencers’ have now pleaded not guilty to the one count of issuing unauthorised communications of financial promotions. 

Additionally, Emmanuel Nwanze pleaded not guilty to providing unauthorised advice on buying and selling contracts for difference (CFDs) and one count of unauthorised communications of financial promotions. Eva Zapico did not enter a plea and a further hearing is scheduled for 26 September 2024. 

Due to the Court availability, the trial dates have been set for 1 February 2027 and 15 March 2027 at Southwark Crown Court. These dates represent the earliest opportunity for the Court to accommodate this high-profile case, so the finfluencers have a lengthy wait to defend their conduct.

The charges stem from allegations that the individuals promoted a regulated financial product to their millions of social media followers, without the necessary authorisations, misleading numerous investors. The upcoming trials are expected to shed light on the extent of the scheme and the roles played by each defendant and will undoubtedly set the tone for how the unauthorised promotion of financial products online will be handled by the law going forward. 

If you have any concerns or queries relating to financial promotions, contact Garon Anthony or Jeremy Ladyman at Irwin Mitchell to discuss.