Sarah Coles, head of personal finance at AJ Bell, said: “Georgie Shore’s Aaron Chalmers pleaded guilty to illegal financial promotions on social media, but he’s just one of a huge number of finfluencers who could put your finances at risk.
“The FCA says social media giants need to do more to protect their users.
“There are some fantastic finfluencers, with incredible knowledge and the right intentions, who work within the rules to reach groups of people who might otherwise never learn about their finances.
“However, there are also some who are breaking the law – often faking luxury lifestyles to convince people they have the answers.
“Meanwhile, there are others who are actively trying to help people, but are issuing horribly misleading advice.
“It’s easy for people to get led astray when social media serves them gripping content that sounds convincing and promises to solve their problems or transform their life.
“The latest FCA Financial Lives survey asked people who had been the victim of a scam where they had first come across it and more than one in five named social media.
“Anyone can set themselves up as a financial influencer, so you need to know who you’re listening to and take steps to protect yourself.”
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