The Australian Securities and Investments Commission (ASIC) has taken further enforcement action against social media “finfluencers,” issuing new warnings and reviewing licensee supervision as part of a cross‑border initiative on online financial promotion.
ASIC has issued warning notices to four finfluencers it suspects of providing unlicensed financial product advice or engaging in misleading or deceptive conduct. The notices relate in part to online content that includes claims of guaranteed returns and other statements that may amount to financial advice without appropriate authorisation. In parallel, ASIC has begun reviewing several Australian financial services (AFS) licensees and their oversight of 15 finfluencers who operate as authorised representatives. The review centres on how those licensees monitor, control, and document the activities of influencers using their licences to promote financial products. According to ASIC, the enforcement activity responds to concerns about unlawful or non‑compliant promotion and associated risks for retail clients, including those exposed to insurance‑related and investment products via social media channels.
ASIC’s latest action is part of the second Global Week of Action Against Unlawful Finfluencers, a joint initiative involving 17 regulators across Asia, Europe, North America, South America, and the Middle East. The initiative involves identifying suspected unlawful online financial promotion and, where appropriate, issuing public warnings or enforcement outcomes. ASIC commissioner Alan Kirkland said the nature of digital content distribution has implications for how regulators work together. “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. ASIC’s surveillance in this phase has focused on finfluencers addressing Australian audiences and discussing products such as leveraged derivatives, listed securities, and exchange‑traded funds.
The enforcement activity follows recent Moneysmart research indicating that Gen Z Australians (aged 18 to 28) frequently use social media as a source of money information. The research found that 63% of respondents in this group rely on social platforms for financial information, with 56% saying they somewhat or completely trust information on social media and 52% expressing similar trust in finfluencers. Kirkland said platform design shapes what users see. “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,” he said. The findings point to a distribution environment in which customers may form views about cover, investment‑linked products, and broader financial risk from online commentary that sits outside traditional advice and disclosure frameworks.
ASIC has restated that finfluencers who provide financial product advice or arrange for followers to deal in financial products fall within the existing licensing regime. “Finfluencers must either hold an AFS licence or operate as an authorised representative to legally provide financial product advice or arrange for their followers to deal in financial products,” Kirkland said. Information Sheet 269, “Discussing financial products and services online” (INFO 269), sets out how financial services laws apply to social media content and clarifies that unlicensed influencers may be appointed as authorised representatives of AFS licensees. In those circumstances, the licensee retains responsibility for supervision and may be liable for breaches.
ASIC has recently met with three AFS licensees to examine their supervision of 15 finfluencers and to reiterate their statutory obligations. The regulator expects documented supervisory arrangements, ongoing review of online content, and records of those activities. “Licensees remain responsible and liable for what their representatives say and do online. We expect active supervision, not a set‑and‑forget approach,” Kirkland said. For insurance market participants that use influencers or third‑party content creators, the position aligns with broader governance expectations for authorised representatives and distribution partners.
ASIC has said it will continue to monitor social media content and may take enforcement action where finfluencer activity or licensee failures put Australian consumers at risk. The regulator encourages consumers to use ASIC’s professional registers to check whether a person or business is licensed or authorised before acting on online financial advice. “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. Suspected unlicensed or misleading finfluencer activity can be reported to ASIC through its online “Reporting misconduct to ASIC” channel or by phone on 1300 300 630. Moneysmart provides free, independent information to help consumers assess financial decisions and compare products, including insurance offerings.
The current initiative follows earlier ASIC measures. In 2025, ASIC took action against 18 suspected unlawful finfluencers; some later became authorised representatives, others changed their content or stopped targeting Australian consumers, and offshore operators continue to be monitored. ASIC has also taken action against licensees over supervisory failures, including cancelling the AFS licence of Pulse Markets Pty Ltd in February 2026 and accepting a court‑enforceable undertaking from Sanlam Private Wealth Pty Ltd in 2024 after a review of its oversight of representatives.
Regulators participating alongside ASIC in the Global Week of Action include authorities in Belgium, Brazil, Canada, Denmark, Hong Kong, India, Ireland, New Zealand, Norway, Qatar, Singapore, the United Arab Emirates, and the UK. ASIC has identified finfluencer conduct, the use of social media in product distribution, and the adequacy of licensee oversight as continuing areas of regulatory attention across the Australian financial sector, including the insurance market.
