The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) is taking action against unlawful financial influencers, targeting online content that breaches regulatory requirements or may mislead consumers about financial products and services.
The action forms part of the second Global Week of Action Against Unlawful Finfluencers, running from the week beginning April 20, 2026, and involving 17 regulatory authorities. The coordinated initiative includes enforcement activity, regulatory measures, consumer‑focused campaigns, and education for financial influencers, or “finfluencers.” In this context, the FMA is focusing on social media and other digital channels used to promote financial services to New Zealand audiences. Its objectives include reinforcing legal boundaries for influencers and firms and highlighting the risks to retail clients when promotions are unlawful, misleading, or made without the appropriate licence.
Samantha McGuire, manager regulatory services at the FMA, said the shift toward social media as a source of financial information has changed the risk profile for investors and consumers. “As financial promotions become more prevalent on social media, international collaboration is crucial in our ongoing efforts to strengthen consumer protection, safeguard individuals from misleading financial promotions, and support a fair online environment. This joint action highlights our collective efforts to protect consumers,” she said. The FMA notes that many influencers share lawful content such as general information and basic education about investing and trading. However, it has reported an increase in situations where influencers appear to provide regulated financial advice without a licence or promote complex products in ways that may misrepresent risks or likely outcomes.
As part of its recent activity, the FMA has contacted 14 finfluencers active on a range of social platforms. The regulator outlined the legal obligations that apply when discussing financial products and services available to New Zealanders and raised concerns about particular posts, advertising, and offerings. After this engagement, some content regarded by the FMA as misleading or harmful has been removed, including advertisements directed at New Zealand residents. Several influencers have reduced the range of services they promote or have stopped offering services to New Zealand‑based audiences.
The FMA has also drawn attention to the growth of copy trading models promoted via social media, where followers are encouraged to replicate an influencer’s trades. These services are often presented as a straightforward path to financial gains but can involve complex, high‑risk products that may not be suitable for, or well understood by, retail clients. Promotions often feature “luxury lifestyle” imagery – including high‑end cars, designer goods, and other markers of wealth – which the FMA says can create a misleading impression of typical outcomes and understate the likelihood and scale of loss.
The campaign builds on the FMA’s “Talking About Money Online” guide, released on Feb. 5, 2026. The guide is aimed at influencers, bloggers, content creators, and others who discuss financial topics online and sets out when their content may be treated as regulated financial advice under New Zealand’s financial markets legislation. According to the guide, it is generally acceptable to share broad educational material, such as explanations of how different product types work, or factual information about fees, terms, and conditions or historic returns. For example, stating that a KiwiSaver fund recorded a particular average annual return over five years is presented as factual disclosure rather than a recommendation.
By contrast, content is likely to be regulated financial advice where a person regularly uses their platform to:
The FMA notes that providing regulated financial advice to retail clients without the appropriate licence (unless an exemption applies) or making misleading, false, or unsubstantiated representations may lead to enforcement action. Individuals who provide regulated advice without a licence can face penalties of up to $200,000. The guide also sets out principles for online money content. These include keeping commentary general rather than product‑specific, avoiding claims that cannot be substantiated, being clear about paid or gifted promotions, explaining risks – particularly for higher‑risk products such as cryptoassets, foreign exchange trading, and derivatives – and avoiding promotion of investments that the creator does not fully understand. The FMA emphasises that disclaimers alone do not prevent statements from being considered financial advice and that individuals who are not licensed and registered should not describe themselves as financial advisers. It also encourages influencers to moderate comments by removing scam links and misleading claims, on the basis that the comment section forms part of the content presented to followers.
The focus on finfluencers follows the FMA’s Access to Financial Advice Review, published on March 25, 2026. The review, conducted between July and December 2025, combined nationwide consumer research with engagement across financial advisers, institutions, and industry bodies to assess how New Zealanders access advice and where gaps exist. The review found that 28% of New Zealanders obtained financial advice in the previous 12 months, with people from lower socio‑economic backgrounds and some ethnic communities, including Māori and Pasifika, significantly under‑represented. It identified structural, cultural, and operational barriers that limit access, including uncertainty among some providers about how to tailor the nature and scope of advice and what level of analysis is sufficient for different client circumstances.
The finfluencer actions, the online guidance, and the access review together indicate that the regulator is placing closer attention on how financial information and advice are delivered, especially through digital and social channels. The FMA has pointed to technology‑enabled and hybrid advice models – including digital tools and AI‑supported processes – as potential ways to expand access when supported by appropriate governance and oversight. The regulator has signalled that it will continue working with advice providers and the wider sector on practical measures to improve access to advice while maintaining compliance and addressing emerging conduct and disclosure risks in online environments.
