Australian 'finfluencers' can now get prison time for giving unlicensed financial advice – what do they need to know?
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Creators known as "finfluencers" make content about finances, from budgeting tips to explainers on complex investments. Some use their platforms to promote investing in certain stocks or assets, promising their followers lofty returns. Many flex their luxurious lifestyles on Instagram and TikTok, and credit their wealth to their investing savvy.
The Australian government is cracking down on the creators who offer financial advice without a federally-issued license. In an information sheet released last month, the Australian Securities and Investments Commission (ASIC) warned that influencers who continue to offer unlicensed financial services can be penalized with hefty fines and up to five years of jail time.
The Australian government is cracking down on the creators who offer financial advice without a federally-issued license. In an information sheet released last month, the Australian Securities and Investments Commission (ASIC) warned that influencers who continue to offer unlicensed financial services can be penalized with hefty fines and up to five years of jail time.
