Lauren Goodger, Others Charged Over Promoting Risky Investments

The UK Financial Conduct Authority, FCA, has charged a group of social media influencers over promotions of unauthorised investments.

Reality Tv “The Only Way is Essex” cast member, Lauren Goodger, former Love Island star, Biggs Chris and celebrity Big Brother winner Scott Timlin are among the seven influencers who used their platforms to offer information on various financial topics.

The others charged by the Financial Conduct Authority, FCA, include former Love Islanders Rebecca Gormley, Jamie Clayton and Eva Zapico and TOWIE member Yazmin Oukhellou.

The FCA had previously warned it would crack down on so-called “finfluencers” if it considered posts were misleading.

It alleged that Emmanuel Nwanze, 30, and Holly Thompson, 33, used an Instagram account @holly_fxtrends to offer advice on buying and selling investments called contracts for difference, without the required authorisation to do so.

The FCA pointed out that contracts for difference (CFDs) were high-risk investments used to bet on the price of an asset, in this case foreign currencies.

It said 80% of customers lost money when investing in CFDs because of the risks.

According to the watchdog, Mr Nwanze has been charged on one count of breaching a so-called general prohibition under the Financial Services and Markets Act 2000

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