On 24 April 2026, the Australian Securities and Investments Commission (ASIC) announced that it was working with 16 global regulators as part of its crackdown on unlawful social media ‘finfluencers.’
As part of this global crackdown ASIC has:
- Issued warning notices to four finfluencers suspected of providing unlicensed financial advice or engaging in misleading or deceptive conduct.
- Commenced a review of several Australian Financial Services (AFS) licensees and their supervision of 15 finfluencers operating under their licences.
ASIC has also reminded licensees about their supervisory obligations when engaging finfluencers. The reminder is the first time since ASIC issued Information Sheet 269 Discussing financial products and services online (INFO 269). 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. Importantly, 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.