Bike Loans Australia :: News
SHARE

Share this news item!

ASIC Cracks Down on Risky Financial Influences

ASIC Cracks Down on Risky Financial Influences

ASIC Cracks Down on Risky Financial Influences?w=400
The Australian Securities and Investments Commission (ASIC) has issued warnings to 18 social media influencers actively promoting high-risk financial products without the necessary licence.
The move is part of a broader initiative to curb unlicensed financial advice in the online sphere, where influencers often lure young audiences with glamorous lifestyles while dispensing questionable investment tips.
ASIC has identified these so-called "finfluencers" as operating in breech of the Corporations Act by promoting complex financial products like derivatives without proper authorisation.

ASIC Commissioner Alan Kirkland emphasized the global nature of this enforcement action, aligning with efforts by international regulators to safeguard consumers from potentially misleading online advice. The regulator insists that influencers must ensure their financial counsel is lawful and demands clarification from those flagged on how they plan to comply with regulatory requirements. Failure to address these concerns may lead to further action from ASIC.

The reach of these finfluencers often extends beyond public posts into private spaces, where direct messaging is used to promote associated investments. ASIC warns that such manoeuvres still fall under the jurisdiction of financial services laws, regardless of their private nature.

The initiative coincides with a Global Week of Action Against Unlawful Finfluencers, with global counterparts such as the UK, UAE, Hong Kong, and Canada also taking measures to address the proliferation of unauthorised financial advice. In recent years, the UK Financial Conduct Authority announced its own response to this trend, removing non-compliant websites and running consumer awareness programs to educate the public about safe online financial interactions.

In Australia, ASIC has a precedent for taking action against rule-breaking finfluencers. Notably, in 2022, the Federal Court found renowned social media personality Tyson Robert Scholz guilty of contravening the Corporations Act, as he conducted financial business operations without a licence. His cases highlighted the significant fines and potential imprisonment penalties for non-compliance, emphasizing the gravity of these regulatory requirements.

More than ever, consumers are advised to be discerning about the sources of their financial advice. With ASIC's professional register available as a tool to verify credentials, the public is urged to distinguish between popularity and credentialed expertise. Commissioner Kirkland underscores the need to ensure that influencers genuinely possess the necessary credentials before consumers act on any financial advice given online.

Published:Thursday, 12th Jun 2025
Source: Paige Estritori

Share this news item:

Finance News

US Involvement in Israel-Iran Conflict Sparks Financial Market Concerns US Involvement in Israel-Iran Conflict Sparks Financial Market Concerns
23 Jun 2025: Paige Estritori

The escalating likelihood of the United States engaging militarily in the Israel-Iran conflict has raised alarm among investors, potentially leading to significant market volatility. This concern was highlighted by the global financial advisory firm, deVere Group, as tensions heighten in the Middle East. - read more
Global Markets Brace for Oil Price Surge Following US Strike on Iran Global Markets Brace for Oil Price Surge Following US Strike on Iran
23 Jun 2025: Paige Estritori

The recent US military attack on Iranian nuclear facilities has raised expectations of a significant oil price spike as global markets prepare to resume trading. Announced by former President Donald Trump, the attack marks an increased US involvement in the Middle East, which analysts believe could lead to heightened volatility across financial markets. - read more
Trump Mulls Change of Heart on Firing Fed Chair Powell Trump Mulls Change of Heart on Firing Fed Chair Powell
21 Jun 2025: Paige Estritori

US President Donald Trump is once again contemplating the dismissal of Federal Reserve Chair Jerome Powell, whom he has criticized for not lowering interest rates. Trump expressed his dissatisfaction with Powell's decisions in a Truth Social post, suggesting he might change his mind about firing him. Despite acknowledging that his strong criticisms make Powell's task challenging, Trump remains focused on his agenda for reduced rates, especially with Powell's term set to end in May 2026. - read more
APRA Clarifies HELP Debt Considerations in Home Loan Assessments APRA Clarifies HELP Debt Considerations in Home Loan Assessments
20 Jun 2025: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has released pivotal updates to the Prudential Practice Guide APG 223 and Reporting Standard ARS 223.0, focusing on how Authorised Deposit-taking Institutions (ADIs) should integrate Higher Education Loan Program (HELP) debt into home loan evaluations. The changes are aimed at enhancing regulatory clarity and acknowledging the individual circumstances of borrowers, including the nuances of their HELP debts, without compromising prudent lending practices. - read more


Bike Loans Articles

The Top 5 Motorcycles for Women Who Love Speed The Top 5 Motorcycles for Women Who Love Speed
Riding a motorcycle is an exhilarating experience, especially for female motorcycle enthusiasts who enjoy the thrill of speed. However, choosing the right motorcycle for speed is crucial to ensure a safe yet thrilling ride. - read more
What to Look for in a Motorcycle Loan Agreement What to Look for in a Motorcycle Loan Agreement
Are you ready to hit the open road on a brand-new motorcycle but unsure how to finance it? You're not alone. Many Australians dream of owning a motorcycle, yet navigating the sea of financing options can feel like tackling a hairpin turn. - read more
Pros and Cons of Buying a New Motorcycle vs a Used One in Australia Pros and Cons of Buying a New Motorcycle vs a Used One in Australia
If you’re considering purchasing a motorcycle in Australia, one of the critical decisions you'll face is whether to buy a new or used one. This decision can significantly impact your finances, so making an informed choice is paramount. - read more
Bike Loans vs. Personal Loans: Which One Should You Choose? Bike Loans vs. Personal Loans: Which One Should You Choose?
When it comes to buying a new motorcycle, financing is often the most suitable solution for most people. There are two main options available: bike loans and personal loans. It's important to understand the key differences between the two to help you make an informed decision. - read more
Avoiding Common Pitfalls in Motorcycle Financing: What to Watch Out For Avoiding Common Pitfalls in Motorcycle Financing: What to Watch Out For
Motorcycle financing is a convenient way for enthusiasts to purchase their dream bikes without having to pay the full cost upfront. However, understanding the potential pitfalls and avoiding them is crucial to ensure a smooth and cost-effective financing experience. - read more
Navigating Aussie Weather: Motorcycle Maintenance for Every Season Navigating Aussie Weather: Motorcycle Maintenance for Every Season
The importance of motorcycle maintenance cannot be understated, especially when faced with the unique and shifting weather conditions that span our vast continent. From the scorching heat of the Outback to the wet and windy coastline, traversing Australia on two wheels requires your machine to be as adaptable as you are. - read more
The Top 5 Motorcycles for Women Who Love Speed The Top 5 Motorcycles for Women Who Love Speed
Riding a motorcycle is an exhilarating experience, especially for female motorcycle enthusiasts who enjoy the thrill of speed. However, choosing the right motorcycle for speed is crucial to ensure a safe yet thrilling ride. - read more
From Dream to Reality: Steps to Take Before Applying for Your Motorcycle Loan From Dream to Reality: Steps to Take Before Applying for Your Motorcycle Loan
A sense of boundless excitement often accompanies the thought of buying your very first motorcycle. It's more than just a purchase; it's an entry pass to a lifestyle charged with freedom, wind in your hair, and the open road calling your name. The thrill of ownership however, comes with its fair share of responsibilities, chief among them being the financial commitment it demands. - read more


Start Here

START HERE.

Loan Amount:
Postcode:

Knowledgebase
Home Equity Loan:
A loan in which the borrower uses the equity of their home as collateral.