Love Island stars prove they care about the content, not the crime, by pleading guilty to FX allegations

The Financial Conduct Authority has charged Emmanuel Nwanze, 30, and Holly Thompson, 34, with operating an Instagram account on which they gave advice on buying and selling contracts for difference without authorisation. Nwanze is alleged to have operated the foreign exchange trading platform and made unauthorised financial advertisements.

The regulator said Nwanze then paid stars to promote the investments, including former Love Island Participants Rebecca Gormley, Biggs Chris and Jamie Clayton as well as The only way is via Essex with Lauren Goodger and Yazmin Oukhellou as well as Scott Timlin from Geordie ShoreThey are accused of persuading followers to invest.

The stars, who have a combined 4.5 million followers on Instagram, denied the allegations at Southwark Crown Court on Thursday. The judge said the trials would be split into two parts and provisionally scheduled for 2027.

So-called “finfluencers” who promote financial products on social media – often without the appropriate risk warnings or authorisation – are causing increasing concern for the FCA.

The regulator asked firms to change or remove 10,000 promotions last year – 17% more than in 2022. In March, the FCA unveiled new guidelines requiring influencers to provide appropriate risk warnings when promoting financial products to consumers.