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Financial influencers suspected of promoting financial products and financial advice have become the target of the commission as part of a global crackdown.
ASIC and regulators from the UK, UAE, Italy, Hong Kong, and Canada took co-ordinated actions to crack down on unauthorised finfluencers.
Last week, the combined efforts of the global regulatory organisations made arrests, warning notices, website takedowns, and educational schemes.
Brokers who use platforms to provide education should be wary of this latest crackdown and ensure they’re not overstepping.
ASIC commissioner Alan Kirkland has urged consumers to be cautious of the content they’re engaging with, as it could be unlicensed and unlawful.
“Regulators across the world have joined forces to disrupt unlawful finfluencer activity,” said Kirkland.
“It’s important that consumers separate fun from fact when it comes to finfluencer content. Popularity doesn’t equal credibility. Check their credentials and whether they’re licensed or authorised, before checking your money out.”
Kirkland said that following previous scrutiny, finfluencers began to crack down on breaches across various media.
What followed was Australian Financial Services (AFS) licensees adding further scrutiny to finfluencers to ensure there was no misleading of consumers.
“Australia’s financial services laws protect investors and promote market integrity. They set minimum requirements and provide important protections for investors if something goes wrong,” Kirkland said.
“If you spruik or discuss financial products and services online, you need to carefully consider how the law applies to you and seek legal advice if you are unsure.”
