The corporate watchdog has warned Instagram and other social media influencers that they need a licence to give financial advice and face up to five years in jail if they break the law.
In a new information sheet aimed at so-called “finfluencers”, issued on Monday, the Australian Securities and Investments Commission (Asic) took aim at social media stock-tippers who promise big returns or promise the investments they recommend are as good as putting money in the bank.
