Overview
- Australia’s financial regulator issued warning notices to four social media finance influencers for suspected unlicensed advice and claims of guaranteed returns.
- The push is part of a global week of action involving about 17 regulators, with the UK watchdog reporting 120 account takedown requests and 1,267 illegal ads that reached at least 2.3 million users.
- ASIC began reviews of several Australian Financial Services licensees over their oversight of 15 influencers operating under those licences.
- The UK regulator urged social media platforms to block illegal financial promotions at the source to cut consumer harm.
- Officials told Australians to check licences and warned that unlawful advice can bring up to five years in prison or million‑dollar fines, as research shows 63% of 18–28 year‑olds use social media for money information.