A short video clip on the Molly Ramm Instagram account shows a young woman cruising down a sunbathed Dubai highway in a Lamborghini with the music blaring. She has a six-figure mindset, it says. But that may be changing.

In an unprecedented step against an Instagram influencer, the UK Financial Conduct Authority on May 2 warned people to “be especially wary of dealing” with the site, which is selling a financial product without the required authorisation from the regulator, according to a notice on its website. It didn’t take further action. No one responded to messages and calls to phone numbers listed on the social-media page, which was taken down May 3.