‘Finfluencers’ have been targeted by ASIC as they aim to stamp out unlicenced financial advice.

Financial finfluencers suspected of promoting financial products and promoting financial advice have become the target of the commission as part of a global crackdown.

ASIC joined regulators from the UK, UAE, Italy, Hong Kong, and Canada to coordinate actions to crack down on unauthorised Finfluencers.

The combined efforts of the global regulators resulted in arrests, warning notices, and website takedowns.

ASIC commissioner Alan Kirklan has urged consumers to be cautious of the content they are engaging with as it could be unlicenced and unlawful.

“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.”

Australian Financial Laws protect investors and promote market integrity. They set minimum requirements and provide important protections for investors if something goes wrong.