Good afternoon and welcome back to The 99: the home of financial news and insights made simple. You can count on accessible, trustworthy, and unbiased news insights every Monday.

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Alice & the GFY team x

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Bad Finfluence: Global Regulators Target Rogue Money Advice Online

+ what ‘finfluencers’ can and can’t do

The 99 TL;DR: This month, the UK’s Financial Conduct Authority joined forces with other regulators to target influencers who promote and advise about financial products illegally and irresponsibly, sometimes using fake luxury lifestyles to boost credibility. The FCA has issued 50 warnings, made arrests, and is pressing Meta on its slow response to takedown requests.

What’s happening?

From June 2, the Financial Conduct Authority (FCA) and regulators from Australia, Canada, Hong Kong, Italy, and the UAE launched a global week of action against dodgy “finfluencers”: social media creators who promote investment products irresponsibly and illegally, often without proper authorisation.

What are finfluencers?

An influencer is anyone who builds a following online and uses that platform to promote products, services, or ideas. In the finance space, these are often called “finfluencers”:  people who post about investing, side hustles, crypto, budgeting, and money management. 

GFY is a community in the ‘finfluencing’ space. 

Some offer genuinely helpful insights. But others can post misleading or illegal content, especially if they're being paid to promote products they're not qualified to explain.

What are ‘financial promotions’?

A financial promotion is any communication that encourages someone to invest, borrow, or take a financial decision related to a regulated financial product like a credit card or investment product.

This could be:

• “Sign up for this trading platform”
  

• “Use my code for this new crypto wallet”
  

• “Here’s how I made £10K last month with this app”
  

These promotions must be approved by an organisation that is regulated by the FCA. 

So what can influencers do – and what can’t they do?

✅ Influencers can:

• Share general financial education (e.g. “What’s a LISA?”)
  

• Talk about their own money experience
  

• Signpost to regulated resources or advisors

• Promote regulated financial products (investment services, credit products) as an ‘ad’ in partnership BUT promotions must be approved by the compliance team to pass the FCAs rules around promotions

🚫 Influencers can’t:

• Recommend specific investments (‘buy shares in this company’)
  

• Use language like “guaranteed returns” or “no risk”
  

• Get paid to promote financial products without proper approval
  

• Mislead audiences by faking success

What are the regulators doing?

In the UK, the FCA:

• Issued 50 alerts, triggering over 650 takedown requests
  

• Shut down 50+ websites
  

• Sent 7 cease-and-desist letters
  

• Made 3 arrests
  

• Is taking legal action against 3 individuals
  
  

The FCA is also calling out Meta for delays. In one case, it took up to six weeks for Instagram to respond to a takedown request. Parliament is now involved and wants answers by June 20, 2025.

What should you look out for?

👀 Red flags:

• Promises of high or guaranteed returns

• “Get-rich-quick” language

• Flashy lifestyles with little substance

• No mention of risks

• No disclaimers or warnings

• Being asked to “DM for details” of an investment or trading strategy
  

✅ Green flags:

• Disclaimers (e.g. “Not financial advice”)

• Links to FCA-authorised firms or info

• Educational tone, not salesy

• Transparency around paid partnerships

What should you do if you see investment advice online?

⚠️ Be sceptical of influencers flashing luxury lifestyles and ‘get-rich’ content.
✅ Check the FCA’s Warning List before acting.
✅ Look at InvestSmart for credible guidance.
✅ Only get investment advice from FCA-authorised firms or advisers.

 “My Friend Gave Me the Card”: Man Owes £3.5K After Dodging 500 TfL Journeys

The 99 TL;DR: A man who claimed he was using a friend’s bank card for travel has been caught dodging more than 500 TfL fares, racking up a staggering £3,573 in unpaid travel costs. His story was captured on Channel 5’s Fare Dodgers: At War with the Law, which follows enforcement teams cracking down on London’s most prolific fare evaders.

What happened?

A man was stopped by a TfL investigator at Surrey Quays station after using a contactless card that had no funds on it. The card still opened the gates, but the payment failed behind the scenes.

When questioned, he admitted the card belonged to a friend who said it could be used for travel. He was shocked to find he’d dodged over 500 journeys and owed £3,573 in unpaid fares. He signed a document acknowledging the debt. The case is now with TfL’s prosecution team.

How was he caught?

• Investigators used journey data to trace his commute
  

• CCTV confirmed his identity
  

• He was stopped on the spot at the station

Can you really travel on a card with no money?

Yes but only briefly. TfL’s system sometimes lets people through before detecting payment failures. Repeat offenders are tracked and eventually caught.

What happens if you’re caught?

• You might face a £100 fine (or £50 if paid quickly)
  

• Fraudulent or frequent evasion can lead to criminal charges
  

• Some dodgers have been found owing £20,000+

Why does this matter?

TfL loses £130 million a year to fare dodging.
It’s now investing £22 million in enforcement and surveillance to crack down. Fare evasion dropped slightly in 2024 – but remains a costly problem.

“I don’t think I can see this guy reoffending again… I think he was quite surprised with the amount it had risen to.”
– Lisa, TfL Investigator

⚖️ Meanwhile… Robert Jenrick’s DIY crackdown

In a viral twist, Conservative MP Robert Jenrick posted a video of himself challenging fare dodgers at Stratford station.
He filmed people walking through barriers without tapping in and said:

“Lawbreaking is out of control. He’s not acting. So, I did.”

It was a direct dig at London Mayor Sadiq Khan, with Jenrick accusing him of failing to get a grip on the issue.

Spending Review 2025:

Where is your tax money going?

The 99 TL;DR: Chancellor Rachel Reeves will deliver the Spending Review this Wednesday (June 11), setting out how much funding each department will receive over the next few years. But with rising debt and little wiggle room, experts warn there will be sharp trade-offs, and not every service will get what it needs.

What is the Spending Review?

It’s the government’s plan for how much each department gets to spend, both on day-to-day services and big investment projects.

📌 Resource spending means salaries, admin, operations
📌 Capital spending covers schools, hospitals, and infrastructure

This review includes:

• 3 years of resource spending
  

• 4 years of capital investment

Why does it matter?

Because it affects the services we all use:

• 🏥 How much goes to the NHS and social care
  

• 📚 What schools and special needs education can fund
  

• 🚌 Whether your region gets better trains, buses or roads
  

• 💷 Who gets help with energy bills or free school meals

Is the UK in a strong position to spend?

Not really. In April, the government borrowed £20.2bn, which was more than expected.

Although tax receipts, such as National Insurance from employers, went up, so did spending. This was driven by pensions, benefit uprating, public sector pay rises, and higher interest on government debt.

Reeves has just £9.9bn in "headroom", which is the third-lowest fiscal buffer (money left over after spendi on record. That could disappear quickly if there is an economic wobble or global shock.

What’s already been announced?

✅ Defence spending is set to rise to 2.5% of GDP by 2027, adding £5bn a year
✅ Free school meals will expand to 500,000 more children on Universal Credit
✅ The government will reverse its decision to limit Winter Fuel Payments to those on means-tested benefits, with more info to come
✅ £15.6bn will go to trams, trains, and buses in Greater Manchester, the Midlands, and Tyne-and-Wear
✅ £86bn will be invested in science and tech R&D over the course of this Parliament
✅ The Sizewell C nuclear project is likely to go ahead, and small modular reactors (SMRs) may also be included

What’s still unclear?

❓How much will be allocated to the NHS, which currently makes up nearly 40% of departmental spending
❓Whether the two-child benefit cap will be scrapped. Ministers have said it is under review, but reversing it would be expensive
❓What happens to other departments, like justice or local government, which could see flat budgets or even cuts

What do the experts say?

The Institute for Fiscal Studies warns the overall rise in government spending is relatively modest. This means, in their words,

“Sharp trade-offs are unavoidable.”

Reeves will have to choose between helping more people now and sticking to strict borrowing rules to avoid market backlash.

Sources/Read More:

🚨 Bad Finfluence: Global Regulators Target Rogue Money Advice Online

Sources:
• Reuters – UK targets rogue ‘finfluencers’ in joint action with foreign regulators, detailing the FCA’s 50 alerts, 650 takedowns, 3 arrests, and coordination with global regulators (reuters.com)
• Financial Conduct Authority – “FCA leads international crackdown on illegal finfluencers”, outlining 7 cease-and-desist letters and criminal proceedings (fca.org.uk)
• Financial Times / FTAdviser – “FCA leads international crack down on illegal finfluencers”, quoting Steve Smart on enforcement and Meta delays (ftadviser.com)

💳 “My Friend Gave Me the Card”: Man Owes £3.5K After Dodging 500 TfL Journeys

Sources:
• Evening Standard – Moment fare dodger using bank card with no funds discovers he owes TfL £3,500, recounting the incident, £3,573 owed, 500+ unpaid journeys, CCTV tracking, and TfL enforcement spend (£22 m) (standard.co.uk)
• inkl – Moment suspected fare dodger using card his friend gave him finds out he owes TfL over £3,000, similar coverage and case detail (inkl.com)
• MemorableTV – Fare Dodgers: At War with the Law: Season 2, Episode 3, confirming the Channel 5 episode where the case featured (memorabletv.com)

💷 Spending Review 2025: Schools, Defence, Transport & More

Sources:
• The Guardian – The winners and losers in Labour’s first spending review – confirms £4.5 bn extra for schools, £15 bn for transport, £86 bn R&D, defence and NHS boosts (theguardian.com)
• Financial Times – UK prioritises health and defence as other budgets face squeeze – outlines 2.5 % GDP defence target, £86 bn R&D, and £4.5 bn schools increase (ft.com)
• Guardian – Rachel Reeves in standoff over policing and council budgets – reinforces the same figures and context (theguardian.com)
• Reuters – Britain to allocate $116 billion to R&D in spending plan – confirms £86 bn investment in science & tech R&D (reuters.com)
• Reuters – UK's Reeves okays $21 billion of transport projects outside London – covers the £15.6 bn transport funding for regional city regions (reuters.com)
• Guardian – North of England lost out on £140 bn for transport in 'decade of deceit' – provides regional significance of the transport investment (theguardian.com)
• The Guardian – Ministers commit to £86 bn for 'breakthrough' UK science and tech R&D – details R&D breakdown and regional allocations (theguardian.com)
• The Times – Rachel Reeves to reinstate winter fuel payments for nine million pensioners – mentions review context, though focus is WFP (thetimes.co.uk)
• The Guardian – Winter fuel payments U-turn likely to lead to higher taxes or other welfare cuts – explains the reversal of fuel payments and fiscal implications (theguardian.com)
• The Times – Spending Review details: £4.5 bn for schools, Sizewell C, R&D, NHS etc. – highlights school funding, R&D, and Sizewell C mention (thetimes.co.uk)
• The Guardian – Defence review plans will make army '10 times more lethal' – tracks the commitment to raise defence to 2.5 % of GDP by 2027 (theguardian.com)