On 10 September 2025, the United Kingdom Financial Conduct Authority (UK FCA) announced that three individuals i.e. Charles Hunter, Kayan Kalipha, and Luke Desmaris, appeared before the United Kingdom Westminster Magistrates’ Court. Each defendant has been charged with one count of unauthorised promotion of high-risk financial products, contrary to Section 21(1) of the United Kingdom Financial Services and Markets Act 2000. The individuals, often referred to as ‘finfluencers’, are alleged to have used social media platforms to encourage followers to invest in foreign exchange contracts for difference (CFDs) without authorisation. The UK FCA noted:
“The individuals – often referred to as ‘finfluencers’ – are alleged to have encouraged social media followers to invest in foreign exchange (forex or FX) trading through high-risk products known as contracts for difference, without having the authorisation to promote these investments.”
“The individuals are each charged with one count of communicating an invitation to engage in investment activity, contrary to section 21(1) of the Financial Services and Markets Act 2000.”
The charges follow the United Kingdom FCA’s coordinated global enforcement action in June 2025 targeting illegal financial promotions across multiple jurisdictions. All three defendants pleaded not guilty and are scheduled to appear before the United Kingdom Southwark Crown Court on 08 October 2025.
Chronological Factual Matrix
- June 2025: The United Kingdom FCA announced a coordinated international enforcement operation involving nine regulators across six countries targeting unlawful promotions by finfluencers.
- 10 September 2025: Charles Hunter, Kayan Kalipha, and Luke Desmaris appeared before the United Kingdom Westminster Magistrates’ Court charged under Section 21(1) of the United Kingdom Financial Services and Markets Act 2000.
- 08 October 2025: A further hearing is scheduled at the United Kingdom Southwark Crown Court.
Under Section 21(1) of the United Kingdom Financial Services and Markets Act 2000, it is a criminal offence to communicate an invitation to engage in investment activity without authorisation from the United Kingdom Financial Conduct Authority. A conviction on indictment carries a penalty of a fine and/or up to two years’ imprisonment.
The case concerns alleged promotions of Contracts for Difference (CFDs). The United Kingdom FCA has long warned that CFDs are high-risk derivatives, frequently leveraged, and that 80 percent of customers lose money when trading them. In response to these risks, the United Kingdom FCA has imposed strict restrictions on the sale and marketing of CFDs to retail consumers.
