A crackdown on financial influencers has sparked claims from online content creators that some useful money tips could be stripped from the web, as regulators worry about unlicensed financial advice occurring through social media.
In the weeks since the guidance was released, some finfluencers have opted to remove certain content, while the watchdog has held meetings with finfluencers explaining its position — which it says is simply to enforce the law. However, she said finfluencers were surprised at the hard line ASIC was taking, and the crackdown would remove useful financial information from the web.“What people are doing is saying, I’m just going to leave the space, because it’s not worth it,” Benjamin said. “It makes financial education just that little bit harder to access, and it pushes people towards advice, and I think advice is great but it can be expensive and not an option for many Aussies.