Mark Barlow
If something sounds too good to be true… it probably is! It’s a mantra we live by at Equilibrium, but sadly, it’s one that seven social media influencers clearly forgot when they decided to promote an unauthorised foreign exchange trading scheme to their millions of followers.
Biggs Chris, Jamie Clayton, Lauren Goodger, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin, and Eva Zapico have all been sentenced at Southwark Crown Court after pleading guilty to issuing unauthorised financial promotions. Between them, their Instagram accounts boasted a combined following of 4.5 million people, real individuals who trusted them, many of whom may have parted with hard-earned money as a result.
Personally, approaching 50, I’m hardly au fait with these platforms, and I’m certainly not their target audience, which makes their level of ‘influence’ all the more concerning. Yet the uncomfortable truth is that, for a growing number of people, particularly younger generations, they genuinely are influential. Research consistently shows that platforms like Instagram and TikTok are fast becoming go‑to sources for financial guidance, with nearly half of young investors now citing social media as their primary tool for making investment decisions.
That’s what makes this case so troubling. These weren’t faceless fraudsters operating from a boiler room in an obscure corner of the internet. These were recognisable faces, some even household names, who leveraged that trust to promote something they had no business promoting. As a parent to an 18‑year‑old daughter and a 16‑year‑old son, it has certainly sharpened my focus. It’s made me reflect on how important it is to have better, earlier conversations about money, before they’re ever in a position to make choices that could cost them dearly.
So what was the punishment for these so called ‘Finfluencers’? Lauren Goodger received the highest fine of £3,750 with £5,778 in costs. The others received fines ranging from £600 to £974, with associated costs on top. One received a conditional discharge; another an absolute discharge entirely.
To put that into context: a £3,750 fine for potentially influencing 4.5 million people into an unauthorised investment scheme. It’s hard not to feel that the punishment doesn’t quite fit the crime.
The FCA’s Steve Smart put it plainly: “These influencers betrayed the trust of those who followed them.” And he’s absolutely right, but with fines that many influencers could recover from in a single sponsored post, one has to wonder whether this is truly a deterrent or simply a token gesture.
The uncomfortable question this raises is, if young people aren’t getting regulated advice, where should they turn? The financial advice profession hasn’t always helped itself here. For too long, high minimum portfolio requirements have effectively shut the door on anyone who isn’t already wealthy, pushing younger people towards YouTube and TikTok by default.
That’s exactly the gap Equilibrium Essentials was created to fill. Our Essentials service offers fully regulated, chartered financial planning to anyone, wherever they are on their financial journey. It’s designed with minimal jargon for individuals and families who are just starting out, or whose financial needs are relatively straightforward.
The service is delivered by two qualified financial planners, Ben Harrison and Grace Burgin, who are themselves in the early stages of their own financial journeys. That gives them a genuine ability to relate to the people they support and to offer advice that feels practical, relevant and grounded. By providing clear, regulated and accountable guidance, there’s no doubt they are both deeply committed to making a meaningful difference to people’s lives.
The benefits for clients can prove to be huge. A small change in your 20s or 30s or 40s, whether that’s tweaking your pension, protecting your income, or simply understanding where your money is going, can make an enormous difference decades down the line. That’s the kind of guidance a social media post will never be able to offer.
Your financial future is too important to leave to someone chasing cash from an endorsement they don’t even understand. If you’d like to find out more about our Essentials service, please don’t hesitate to get in touch.
To find out more about our Essentials service, visit Essentials Service | Equilibrium Financial Planning. For any further questions, please don’t hesitate to get in touch with us on 0161 383 3335 or by reaching out to your usual Equilibrium contact.
