Social media influencers and their commercial backers in the financial services industry have dumped so-called affiliate marketing arrangements after the corporate regulator warned against the widespread practice.
The Australian Securities and Investments Commission on Monday revealed it was closely monitoring a handful of popular personal finance influencers (known as “finfluencers”) and may seek to prosecute any deemed to be providing investment advice online without a financial services licence.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
