Three finfluencers charged over alleged illegal CFD promotions

Three social media personalities appeared at Westminster Magistrates Court on Wednesday charged with promoting high‑risk foreign‑exchange products without authorisation, the Financial Conduct Authority said.

Charles Hunter, Kayan Kalipha and Luke Desmaris are each accused of communicating an invitation to engage in investment activity under section 21(1) of the Financial Services and Markets Act 2000 in relation to contracts for difference (CFDs), derivatives that allow traders to speculate on price movements without owning the underlying asset. All three defendants pleaded not guilty and are due to appear at Southwark Crown Court on 8 October 2025 for a plea and trial preparation hearing.

The FCA said the charges relate to social media posts that allegedly encouraged followers to invest in foreign exchange trading via CFDs despite the promoters not being authorised to make such financial promotions. Each defendant faces one count; on conviction on indictment the offence can be punished by a fine or by a fine and imprisonment of up to two years.

The prosecutions follow an FCA announcement in June that it, along with regulators in other countries, had stepped up enforcement against illegal financial promotions by so‑called "finfluencers" on platforms such as TikTok, YouTube and Facebook. The watchdog said it was actively working to address "consumer harm" in the sector and urged anyone who believes they have suffered a loss in the matter to contact its freephone consumer contact centre.

Finfluencers are social media users who promote financial products or give investment advice to followers. The FCA has said some present a misleading image of success or a lavish lifestyle to tout products or services illegally and without authorisation. The regulator has previously warned that 80% of people lose money when investing in CFDs because of the risks involved.

In March 2024 the FCA warned finfluencers and firms to remain on the "right side of the rules" when using financial promotions on social channels, saying adverts must be fair, clear and not misleading, provide a balanced view of benefits and risks, and comply with relevant rules on financial promotions.

CFDs are subject to specific restrictions in the UK on how they can be marketed and sold to retail customers because of their complexity and the potential for rapid losses. The FCA said the latest charges are part of broader regulatory efforts to ensure online promotions meet legal and consumer‑protection standards.

The defendants will remain on conditional bail pending the October hearing. The FCA declined to comment beyond its court statement. Prosecutors and defence lawyers did not provide further comment at the magistrates' court appearance.