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Stock image of an influencer holding US dollars
Influencers in Australia face up to five years in jail if they break laws on financial advice, a new information sheet warns. The Australian Securities and Investments Commission (ASIC) says they may need a license to give such advice. A 2021 ASIC survey suggested 33% of 18 to 21-year-olds follow financial influencers. And it also found that 64% of young people in Australia changed a financial behaviour because of an influencer. ASIC commissioner Cathie Armour said it was crucial that “influencers who discuss financial products and services online comply with the financial services laws. If they don’t, they risk substantial penalties and put investors at risk”.

Source: BBC Technology News

Date: March 31st, 2022

Link: https://www.bbc.com/news/technology-60787296

Discussion

  1. Most people post without giving a second thought to if what they are posting is legal or illegal. What sorts of things might be illegal to post about in your location?
  2. Most countries regulate the provision of financial information, as Australia has done here. What sorts of things could you say, and not say, in a blog post?

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