Unlicensed Instagram and TikTok influencers offering financial advice could face jail time, Asic warns
by Ben Butler from on (#5XAT2)
Popularity of finfluencers' providing stock tips and flaunting lavish lifestyles is rising as younger demographic looks to invest
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The corporate watchdog has warned Instagram and other social media influencers that they need a licence to give financial advice and face up to five years in jail if they break the law.
In a new information sheet aimed at so-called finfluencers", issued on Monday, the Australian Securities and Investments Commission (Asic) took aim at social media stock-tippers who promise big returns or promise the investments they recommend are as good as putting money in the bank.
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