UK 'finfluencer' trial date set by Crown Court for 2027
Published on 12th Aug 2024
Those interested in the outcome of the landmark case will have to wait nearly three years for a resolution
Trials have been scheduled for early 2027 at Southwark Crown Court of nine individuals charged by the Financial Conduct Authority (FCA) in relation to an alleged unauthorised foreign exchange trading scheme promoted on social media.
The landmark case is the first time the FCA has sought to prosecute social media influencers allegedly connected to the communication of unauthorised financial promotions online.
In May, the UK financial regulator announced the charges against the 'finfluencers', in the wake of recent FCA guidance on financial promotions on social media that set out clear rules for firms and influencers.
The trial dates have been set for 1 February and 15 March 2027, however, which is the earliest the Crown Court could accommodate the case – highlighting the intense backlog the court is facing.
Initial hearings
At initial hearings held on 3 July and 13 June at Westminster Magistrates’ Court, all named defendants indicated pleas of not guilty, with the exception of Yazmin Oukhellou, Lauren Goodger and Eva Zapico who did not indicate any plea.
The defendants then appeared at Southwark Crown Court on 11 July for a plea and trial preparation hearing. Each of the defendants entered a plea of not guilty, with the exception of Ms Zapico who did not enter a plea.
A further plea hearing for her case has been fixed for 26 September 2024.
If you would like any further information or advice on how the recent decisions affects you or your business, speak to one of our experts in the Financial Institutions Group of the Commercial team.
Sophie Mullarkey, a Trainee Solicitor at Osborne Clarke, co-authored this Insight.
