Thinking of following financial advice online? Beware unqualified influencers

Financial influencers online are often unqualified and unregulated, says Paul Lewis.

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Published: October 1, 2026 at 4:33 PM

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“Beware!" is the safest advice, following a comprehensive report on the quality of financial advice found online.

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Queen Mary University of London analysed posts by nearly 2,500 “financial influencers” on Instagram, YouTube, and TikTok – and found that nine out of ten of the posts contained “more negative than positive features”. In other words, avoid them!

It’s understandable that two in five people in the survey had used social media as a source of financial advice: it’s free, easy to find, relatable and covers a wide range of topics.

It is also more available than regulated independent financial advice where most advisers want customers with at least £100,000 to invest (and charge fees!).

Social media, especially using AI agents like ChatGPT or Grok, can be a useful way to get basic information and even general guidance about managing money.

But the danger comes when people take advice from so-called “finfluencers” or financial influencers as to how to invest their money.

Very few state their qualifications – probably because most have none. They often don’t explain the risks or the numbers and calculations they use.

And their advice is often tainted because they’re paid to promote products that they know little about and are unregulated and highly risky.

Find out more about your pensions options with this free guide from our partner Pense

Investing in wine, whisky, gold, housing, stamps, coins, jewellery, mini-bonds, loans, carbon credits, forestry or crypto currency is not regulated. None should be considered investments in the normal sense of the word.

They are at best gambles, at worst frauds, and if they go horribly wrong, there’s no compensation.

But unqualified individuals often sell or promote such unregulated products online.

Any giving advice about pensions or investments must be regulated by the Financial Conduct Authority.

It has taken criminal proceedings against some finfluencers who have broken those rules, and warns that “unlawful finfluencers put their followers’ money at risk through high-risk investment schemes or outright scams”.

The FCA also works to get illegal financial promotions taken down, and last year issued more than 2,000 warnings about potential scam firms online.

But people continue to be fooled and lose money.

If you use social media for financial advice, check if a firm or individual is regulated at register.fca.org.uk.

If not, be very wary of anything they suggest.

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Check carefully everything that is recommended, and remember: if it goes wrong, you won’t be compensated and your money will be lost.

Find out more about your pensions options with this free guide from our partner Pense

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