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ASIC Cracks Down on Risky Financial Influences

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian Securities and Investments Commission (ASIC) has issued warnings to 18 social media influencers actively promoting high-risk financial products without the necessary licence.

The move is part of a broader initiative to curb unlicensed financial advice in the online sphere, where influencers often lure young audiences with glamorous lifestyles while dispensing questionable investment tips.

ASIC has identified these so-called "finfluencers" as operating in breech of the Corporations Act by promoting complex financial products like derivatives without proper authorisation.

ASIC Commissioner Alan Kirkland emphasized the global nature of this enforcement action, aligning with efforts by international regulators to safeguard consumers from potentially misleading online advice. The regulator insists that influencers must ensure their financial counsel is lawful and demands clarification from those flagged on how they plan to comply with regulatory requirements. Failure to address these concerns may lead to further action from ASIC.

The reach of these finfluencers often extends beyond public posts into private spaces, where direct messaging is used to promote associated investments. ASIC warns that such manoeuvres still fall under the jurisdiction of financial services laws, regardless of their private nature.

The initiative coincides with a Global Week of Action Against Unlawful Finfluencers, with global counterparts such as the UK, UAE, Hong Kong, and Canada also taking measures to address the proliferation of unauthorised financial advice. In recent years, the UK Financial Conduct Authority announced its own response to this trend, removing non-compliant websites and running consumer awareness programs to educate the public about safe online financial interactions.

In Australia, ASIC has a precedent for taking action against rule-breaking finfluencers. Notably, in 2022, the Federal Court found renowned social media personality Tyson Robert Scholz guilty of contravening the Corporations Act, as he conducted financial business operations without a licence. His cases highlighted the significant fines and potential imprisonment penalties for non-compliance, emphasizing the gravity of these regulatory requirements.

More than ever, consumers are advised to be discerning about the sources of their financial advice. With ASIC's professional register available as a tool to verify credentials, the public is urged to distinguish between popularity and credentialed expertise. Commissioner Kirkland underscores the need to ensure that influencers genuinely possess the necessary credentials before consumers act on any financial advice given online.

Published:Thursday, 12th Jun 2025
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

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IMPORTANT: We are neither authorised nor licensed to provide finance or financial products and we do not offer any form of credit or other financial advice. All product enquiries and requests for financial and/or other advice on this website are referred to third party intermediaries, insurers and lenders - with whom you can then deal directly. We may receive a fee or commission from these third parties in consideration for the referral. Before any action is taken to obtain a product or service referred to by this website, advice should be obtained (from either the third party to whom we refer you or from another qualified intermediary) as to the appropriateness of obtaining those products having regard to your objectives, financial situation and needs. Whilst we have our own process for vaidating the legitimacy of our referral partners, you should always verify the credentials of your financial adviser before proceeding with recommendations that they may present. Visit the ASIC website for further information.