From Finfluencers to Fines: Why Professional Advice Matters
Social media is awash with advice, from recipes and routines to tax tips and investment hacks. But while a five-second life hack might save you time, a five-second finance tip could cost you far more than you bargained for.
In recent months, the Financial Conduct Authority (FCA) has taken firm action against “finfluencers” – individuals offering financial advice online without the right qualifications or authorisation. And it’s a timely reminder for freelancers, sole traders, and small business owners: your finances are too important to leave to internet trends.
The Rise of the Finfluencer – and the Risk
The FCA, alongside regulators in Australia, Canada, Hong Kong, Italy and the UAE, launched a joint effort in June to tackle misleading financial promotions online. Their investigation led to arrests, cease and desist letters, and dozens of official warnings.
One high-profile case involved Emmanuel Nwanze and Holly Thompson, who allegedly promoted complex investment schemes via Instagram without the required permissions. Alongside others, they now face criminal proceedings for unauthorised financial promotions under UK law.
These cases highlight a growing problem: more people are turning to TikTok and Instagram for financial guidance, but not all advice online is accurate, legal or safe.
Why Social Media Isn’t a Substitute for Professional Advice
When you’re running a small business or working for yourself, managing money can feel overwhelming – especially when budgets are tight. Social media offers easily accessible content, and some of it may seem helpful. But it’s often designed more for likes than legal compliance.
Here’s the issue: many online influencers are neither qualified accountants nor regulated advisers. Their advice is not tailored, not monitored, and often not based on sound financial principles. At worst, it could lead you into risky schemes or practices that leave you liable for penalties, tax investigations, or worse.
No number of viral views makes someone a professional. And unfortunately, HMRC doesn’t recognise TikTok as a defence.
Why You’re Better Off with a Chartered Accountant
Financial decisions should never be based on guesswork. A chartered accountant brings something that no social media influencer can offer: rigorous training, regulated standards, and personalised, professional advice.
At Zyla, our chartered accountants understand the specific challenges faced by sole traders, creatives, consultants, and small business owners. We don’t deal in hacks. We offer insight, strategy and support that’s tailored to your goals and compliant with UK law.
Working with a professional helps you:
Avoid costly mistakes and fines
Understand what you can (and can’t) claim on expenses
Improve cash flow and plan for growth
Navigate taxes and regulatory obligations with confidence
Most importantly, we give you the reassurance that your finances are in safe, expert hands – not a comment section.
How to Spot Dubious Financial Advice Online
To be clear, not all financial content on social media is bad. Some accounts offer useful general information and money-saving tips. But it’s important to be discerning.
Watch out for:
Promises of guaranteed returns or instant wealth
No mention of risk or regulation
Promotions of financial products without clear disclaimers
Avoidance of terms like “regulated” or “qualified”
If you do come across a tip online, cross-check it with trusted sources such as Gov.uk – or better yet, speak with a chartered accountant who understands your situation.
Final Thoughts
Your business deserves more than trendy shortcuts. In a time when misinformation spreads quickly, professional financial guidance is not just a smart choice – it’s a safe one. At Zyla, we’re here to help you grow with clarity and confidence, not clicks.
Ready to take your finances seriously? Talk to a chartered accountant – not just a camera.