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Australian Watchdog Warns over ‘Finfluencers’: The Age

ASIC commissioner Cathie Armour said firms that hire unlicensed social media promoters could be in breach of the Corporations Act


Finfluencers
Prime Minister Narendra Modi's government is looking to rein in what is shared on social media platforms. Photo: Reuters

 

The Australian Securities and Investments Commission (ASIC) warned companies they should check whether so-called “finfluencers” that promote their products or securities on social media are licensed to give financial advice, Melbourne’s The Age reported.

ASIC commissioner Cathie Armour said firms that hire unlicensed ‘finfluencers’ could leave themselves open to being in breach of the Corporations Act 2001.

They should also be aware that ‘finfluencers’ might be generating income from content clicks or views, which may be a conflict of interest or result in advice that is not in consumers’ best interests, she added.

Read the full report: The Age

 

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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