The FMA is concerned some social media influencers and bloggers are straying into offering regulated financial advice in their comments and posts.
To counter this the regulator has released a guide to remind what it calls ‘finfluencers’ of the limits they need to operate within – unless they are a licensed financial adviser.
Rob Everett, FMA Chief Executive, says the guide is intended for social media influencers but also contains tips for consumers when they come across someone providing financial commentary on social media.
“Many people now offer their thoughts and perspectives on all sorts of financial matters and some have built strong followings,” says Everett.
“However, influencers do not want to find themselves caught offering advice they’re not qualified or authorised to give.”