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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