Influencers in financial services have always felt like an unusual fit. In a sector as heavily regulated as financial services, there are plenty of reasons to be cautious. And influencers can be unpredictable, difficult to control and, from a compliance perspective, introduce risks that don’t exist in other marketing channels.
Yet those concerns have often been countered by a simple fact: influencer marketing works and works well. Creators are often seen by their audiences as authentic, relatable and engaging, making them an effective way for brands to reach people who might otherwise ignore traditional advertising.
As a result, many financial services firms have begun to embrace the channel.
We’ve even created our own industry term (and ugly portmanteau) for them: finfluencers. Banks, investment platforms, insurers and fintech brands have all experimented with creator-led campaigns, and many have seen strong results. We’ve supported influencer activity for some of our own clients and have seen first-hand the awareness and engagement it can generate.
However, recent FCA action has once again sent a clear signal (or reminder) that social media promotions are no different from traditional financial advertising. While marketers may think of influencer campaigns as a top-of-funnel awareness tactic, the FCA sees them as financial promotions that can shape consumer behaviour and financial decision-making – regardless of where it sits on a customer journey.
The regulator’s latest crackdown on illegal finfluencer activity isn’t simply meant as a warning to content creators. It’s a message to financial services firms that social media campaigns require the same level of oversight, governance and compliance controls expected elsewhere in financial marketing.
In this article, we’ll look at what happened, why it matters, and what financial services marketers need to consider when building influencer strategies going forward.
The channel doesn’t change the regulatory obligation
Perhaps this makes it sound scarier than it really is. The FCA hasn’t declared war on influencer marketing; this isn’t the end times of finfluencers. The regulator’s concern is with financial promotions that fall outside the rules, particularly where creators are promoting financial products or services without appropriate authorisation, oversight or approval.
In April 2026, the FCA coordinated an international enforcement initiative which affected more than a thousand financial promotions that did not comply with the guidelines. This wasn’t content that was just showing up here and there. These were campaigns driven by effective marketing strategies, reaching millions of potential customers.
Because of the FCA guidelines – guidelines that we help businesses navigate – are taken so seriously, some influencers found themselves facing criminal proceedings. Most of the action resulted in content and accounts being removed, but that’s still a significant consequence.
It might seem like a small thing, but when you know how much influence these creators can have and the revenue it drives for them, this was no small slap on the wrist. Equally, the advisers could be looking at fines that can destroy campaigns before they do what they need to.
Finfluencer marketing
As we’ve mentioned, influencers are a great way to get your content in front of lots of people. But where they shine brighter compared to other paid activities is the level of trust they build – something a traditional ad will rarely achieve.
When you get served content from an influencer, they grab your attention because they give you that “I do that” feeling. Influencers build their following by being relatable. And when someone is relatable, you’re more likely to trust them. See where the problem is going here?
If you trust someone, you’re more likely to believe what they say. When the messaging is educational but also promotional, you’ve got a regulatory headache waiting to happen.
On top of that, influencers build their profiles through a mixture of sponsored content and personal opinions. That’s not always a great combination in financial services. Financial advice is already a minefield of regulation and consumer protection requirements, which makes it a particularly difficult territory to navigate. Once creators begin encouraging consumers towards particular products, platforms or investments, regulatory obligations start to apply.
So, this is a finfluencer problem?
Nope. Well, yes, but it’s not just their problem – it’s equally the firms paying them too.
A takeaway from the FCA action is a reminder to the industry that consumers aren’t particularly good at distinguishing where an advert begins and ends. That means what you say in a TV advert and what appears in a creator recommendation need to be treated with similar scrutiny. Both can influence a financial decision. Both are financial promotions. Both need control.
Remember that finfluencers aren’t just under scrutiny with this move. But that social media is no longer being treated as an informal marketing environment. The FCA increasingly expects firms to approach creator-led campaigns with the same rigour they would apply to any other regulated advertising activity.
In other words, influencer marketing is still a viable channel for financial services brands. But it’s no longer enough to focus solely on reach, engagement and performance. Compliance, governance and oversight now need to be built into the strategy from the start.
How to build a compliant finfluencer strategy
If you’ve worked in this industry long enough, what is and isn’t compliant shouldn’t be news to you. But how you approach working with someone outside our wonderful world of compliance might be something you’ve not thought about too deeply before.
We’ve outlined five steps you should ask yourself before signing off on your next influencer campaign.
Consider compliance
Well… obviously…
But let’s do this properly. Your business should already know what you can and can’t talk about. Use this step as a reminder. If you are organised and writing a brief for your influencer activities, include your rules, commandments, or whatever you call them at the start.
It’s a good way to remind both yourself and your finfluencer what the boundaries are before anyone starts creating content.
Implement an approval process
This step crosses the t’s and dots the i’s. Put an approval process in place. Check the relevant regulations, review the content thoroughly, make sure it doesn’t jeopardise the rules, and only then give it the green light. Remember the brand is just as much at fault as the finfluencer is if things aren’t compliant. Make time, assume it’ll take a bit longer, so no one rushes it due to an unrealistic deadline.
There lies risk.
Provide content frameworks
Working with influencers is a bit of a dance. As I mentioned at the start, they can be hard to nail down sometimes. It’s part of why they’re good at what they do; they go where the trends are.
But in an industry like ours, stricter guidelines need to be in place. More so than in most other sectors. Share examples of how your brand approaches content, provide clear frameworks, and make sure they’re working within the same guardrails as everyone else.
Also consider if this influencer is right to be talking about your product. Just because car fans like an influencer because they know their stuff about classic BMWs, it doesn’t mean they trust their opinion on car insurance. If it feels grossly inauthentic then maybe you can reach that audience by simple channel sponsorship instead?
Monitor content after publishing
Monitoring content after it’s gone live is a great way to understand how it’s being received, and potential outcomes it may drive. Keep an eye on comments and audience reactions. If people seem to be taking the wrong message from the content, or discussions start heading somewhere they shouldn’t, you need to get ahead of it quickly.
Sometimes that means clarifying the message. Sometimes it means taking the content down altogether.
Use a specialist
This could have been number one, but I’ve left it at five because it isn’t possible for everyone, and sometimes it’s not even the right call.
The biggest influencers aren’t active in every sector. But if you can find someone who already understands FCA requirements and has experience working within regulated industries, they’re going to make your life much easier.
I also left this one until last because, in reality, it shouldn’t matter. You still need to enforce good standards across your team when it comes to influencer marketing. As the FCA crackdown has shown us, it’s not you or the finfluencer. It’s you and the finfluencer.
Let’s wrap it up
Influencers are a hugely successful marketing channel when they’re used correctly. In many industries, that’s the only thing businesses really need to worry about. For those of us in financial services, it’s only one side of the coin.
The firms that succeed will be the ones that build compliance into influencer campaigns from the outset, creating processes that protect consumers without sacrificing reach, engagement or commercial performance.
At Balance, we are a financial service specialist, and this includes working with finfluencers. We’ve helped brands from sourcing good fits to managing them. It’s a weird and wonderful world, but with the right approach, it could be one of your most performing channels.
