FMA to tackle Finfluencers

Regulatory authorities are taking part in the second annual operation, undertaking enforcement actions, regulatory measures, consumer awareness campaigns and educational programmes for financial influencers, or finfluencers.

The FMA’s actions are focused on raising public awareness of the risks involved in engaging with finfluencers, while also reminding finfluencers and the industry of the legal boundaries when promoting or offering financial products or services.

Samantha McGuire, Manager Regulatory Services, says consumers increasingly rely on social media for financial information, exposing them to potentially misleading promotions or fraudulent products and services.

“As financial promotions become more prevalent on social media, international collaboration is crucial in our ongoing efforts to strengthen consumer protection, safeguard individuals from misleading financial promotions and support a fair online environment. This joint action highlights our collective efforts to protect consumers,” she says.