ASIC continues Finfluencer crackdown alongside global regulators

Gerald Segal 0 Comments April 24, 2026

Australia regulator ASIC has reported that it is working alongside 16 global regulators as part of its crackdown on unlawful social media ‘finfluencers’, amid growing concern about the influence of financial information online, particularly among younger Australians.

Warning notices have been issued to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading or deceptive conduct. ASIC has also commenced a review of several Australian Financial Services (AFS) licensees and their supervision of 15 finfluencers operating under their licences.

The action is intended to disrupt unlawful finfluencer online promotion before consumers suffer financial harm.

The warning notices to the four finfluencers relate to suspected provision of unlicensed financial advice, including promoting claims of guaranteed returns, which may also be misleading or deceptive.

ASIC’s action formed part of the second Global Week of Action Against Unlawful Finfluencers, involving 17 regulators globally, including ASIC, across Asia, Europe, North America, South America and the Middle East to disrupt unlawful online financial promotion and warn consumers about misinformation.

The continued crackdown reflects ASIC’s concern about the growing influence of social media on financial decision making.

Recent Moneysmart research shows that 63% of Gen Z Australians (aged 18-28) rely on social media for financial information, with more than half saying they somewhat or completely trust financial information on social media (56%) and from finfluencers (52%) (26-049MR).

ASIC Commissioner Alan Kirkland said,

“Unlawful finfluencer activity doesn’t respect borders, which is why regulators are taking strong action together for a second year in a row.

“What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information. This means consumers are more exposed to biased or misleading content.”

ASIC’s surveillance focused on finfluencers targeting Australian investors and discussing a range of financial products, including leveraged derivatives, shares and exchange-traded funds.

Commissioner Kirkland continued,

“Finfluencers must either hold an AFS licence or operate as an authorised representative to legally provide financial product advice or arrange for their followers to deal in financial products.

“When viewing financial content on social media, we urge Australians to check a creator’s credentials, and sense‑check the information before acting on it.

“If someone on social media is promising easy money or guaranteed returns, there is a real risk they’re breaking the law, and you could be the one who loses money.”

ASIC reminds licensees of their obligations

For the first time since issuing Information Sheet 269 Discussing financial products and services online (INFO 269) in 2022, ASIC is reminding licensees about their supervisory obligations when engaging finfluencers.

Under these arrangements, unlicensed finfluencers may operate as authorised representatives of AFS licensees, however responsibility for supervising finfluencer conduct and the liability for any breaches remains with the licensee.

As part of this, ASIC has contacted and met with three AFS licensees to review their supervision of 15 finfluencers operating as authorised representatives and reminding them of their legal supervisory obligations.

ASIC expects licensees that authorise finfluencers to have adequate, documented arrangements in place to actively supervise their conduct, and to maintain records of that supervision.

“Licensees remain responsible and liable for what their representatives say and do online,” Mr Kirkland said.

“We expect active supervision, not a set‑and‑forget approach.”

ASIC said it will continue monitoring social media activity and may take enforcement action where finfluencer conduct or licensee failures place Australian consumers at risk.

Australians should always check whether a person or business is licensed or authorised before acting on financial advice they see online.

“If a social media influencer isn’t licensed or authorised, they cannot offer financial advice in Australia and could face up to five years’ imprisonment or million-dollar fines,” Mr Kirkland said.

ASIC said that it monitors select online financial discussion by influencers who feature or promote financial products for any misleading or deceptive representations or unlicensed financial services.

ASIC has previously taken action against licensees who have failed to maintain their licensing supervisory arrangements.

In February 2026, ASIC cancelled the AFS licence of Pulse Markets Pty Ltd for, amongst other things, failing to take reasonable steps to ensure its representatives comply with financial services laws. In December 2024, Sanlam Private Wealth Pty Ltd accepted a Court Enforceable Undertaking following an ASIC investigation for failing to supervise its 113 representatives.

ASIC issued Information Sheet 269: Discussing financial products and services online (INFO 269) in March 2022, outlining how the financial services laws apply to social media influencers and the obligations of AFS licensees that engage them.

In addition to ASIC, the 16 regulators involved in the Global Week of Action Against Unlawful Finfluencers included: