ASIC widens finfluencer probe to licensed financial groups

Binaya Dahal

Journalist

28 April 2026

The Australian Securities and Investments Commission (ASIC) has issued a notice to licensed firms amid its finfluencer crackdown, saying institutions remain fully responsible for what their representatives say and do online.

The corporate watchdog, which last issued guidance about discussing financial products in 2022, told Australian Financial Services (AFS) licensees on Friday that they cannot outsource their supervisory obligations when engaging social media creators.

Under the guidelines, unlicensed finfluencers can operate as authorised representatives of AFS licensees, but the legal risk sits firmly with the firm, which must supervise their activity and answer for any breaches.

ASIC Commissioner Alan Kirkland said licensees that commission finance-focused content creators must have documented arrangements in place to actively oversee their conduct and keep records of that supervision.

“Licensees remain responsible and liable for what their representatives say and do online,” Kirkland said. “We expect active supervision, not a set‑and‑forget approach.”

As part of the crackdown, ASIC has launched a review into several licensees over their oversight of 15 finfluencers and issued warning notices to four such creators suspected of providing or engaging in misleading or deceptive conduct.

The regulator said it will continue to monitor social media and pursue enforcement action where practices put consumers at risk. “If a social media influencer isn’t licensed or authorised, they cannot offer financial advice in Australia and could face up to five years’ imprisonment or million-dollar fines,” Kirkland said.

The crackdown forms part of the second Global Week of Action Against Unlawful Finfluencers, a coordinated effort involving 17 regulators across Asia, Europe, the Americas and the Middle East aimed at disrupting illegal online promotion and curbing misinformation.

“Unlawful finfluencer activity doesn’t respect borders, which is why regulators are taking strong action together for a second year in a row,” Kirkland said.

“What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information. This means consumers are more exposed to biased or misleading content.”