Lauren Goodger Among Reality TV Stars Charged in Groundbreaking Financial Conduct Authority Crackdown

Reality Star Faces Legal Challenge

Lauren Goodger, the 38-year-old English media personality known for her role in ITVBe’s The Only Way Is Essex (TOWIE) from 2010 to 2012, made a permanent return to the show in 2024. However, she now faces serious legal challenges.

Financial Conduct Authority Charges

The Financial Conduct Authority (FCA) has brought charges against nine individuals, including Goodger, in connection with an unauthorised foreign exchange trading scheme promoted on social media. The other accused include Emmanuel Nwanze, Holly Thompson, Biggs Chris, Jamie Clayton, Rebecca Gormley, Yazmin Oukhellou, Scott Timlin and Eva Zapico.

The allegations state that between May 2018 and April 2021, the scheme operated through an Instagram account called @holly_fxtrends, offering advice on contracts for difference (CFDs) – high-risk investment products used to bet on asset prices, specifically foreign currencies. Goodger was allegedly paid to promote this account to her substantial Instagram following.

Potential Consequences

The accused influencers, who collectively have 4.5 million Instagram followers, each face one count of issuing unauthorised communications of financial promotions. If found guilty of violating the Financial Services and Markets Act 2000, they could receive a fine and face up to two years in jail.

Broader Regulatory Concerns

The case highlights growing concerns about unqualified influencers giving financial advice. The FCA has noted that younger people particularly show high levels of trust in these influencers, despite their information sometimes being misleading. The financial regulator is now warning finfluencers to ensure they’re not breaking the law or putting followers’ money at risk.

The FCA has emphasized the high-risk nature of CFDs, noting that 80% of customers lose money when investing in these financial products.