Influencers in Australia risk jail for breaking finance tips rules
Influencers in Australia face up to five years in jail if they break laws on financial advice, a new information sheet warns.
The Australian Securities and Investments Commission (ASIC) says they may need a licence to give such advice.
A 2021 ASIC survey suggested 33% of 18 to 21-year-olds follow financial influencers.
And it also found that 64% of young people in Australia changed a financial behaviour because of an influencer.
ASIC commissioner Cathie Armour said it was crucial that “influencers who discuss financial products and services online comply with the financial services laws. If they don’t, they risk substantial penalties and put investors at risk”.