A reality TV star embroiled in legal trouble continues promoting cryptoassets.
- Scott Timlin was reprimanded by the FCA for unauthorised financial promotions.
- Despite charges, he remains active in endorsing various cryptocurrencies.
- His Telegram channel encourages followers to explore altcoins.
- The FCA is cracking down on social media influencers marketing financial investments.
Scott Timlin, a reality TV personality known for his appearances on ‘The Geordie Shore’ and as a winner of ‘Celebrity Big Brother’, was reprimanded by the Financial Conduct Authority (FCA) for engaging in unauthorised financial promotions. These promotions were allegedly dangerous, as they targeted vulnerable followers and involved advertising contracts for difference (CFD) investments without proper authorisation.
Despite facing legal charges, Timlin continues to actively promote cryptoassets to his followers. His promotional activities primarily take place on social media platforms like Facebook, where he manages a Telegram service called ‘Scotty T’s Crypto Reviews.’ The channel encourages subscribers to purchase altcoins and has a current following of over 1,800 users.
As recently as October, Timlin promoted the $SUILAMA coin on his Telegram page. This promotion involved several posts speaking of ‘bullish updates’ and encouraging followers to ‘SEND IT HIGHER.’ Despite disclaimers that the channel should not be considered as financial advice, it solicits engagement from subscribers for cryptocurrency purchase inquiries.
The FCA has increased its efforts to tackle social media-related financial promotions by scrutinising influencers, like Timlin, who lack qualifications to advertise potentially risky investment opportunities. The main concern is that these influencers often engage audiences comprised mostly of younger individuals, who may be impressionable and attracted to the lifestyle presented by influencers.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, emphasized the responsibility of influencers to verify the legality of the products they endorse. He stated, ‘Finfluencers are trusted by the people who follow them, often young and potentially vulnerable people attracted to the lifestyle they flaunt.’ The FCA’s recent interviews with 20 ‘finfluencers’ under caution highlights the critical nature of this issue.
The ongoing actions of social media influencers like Scott Timlin underscore the importance of regulatory oversight in protecting vulnerable investors.
