Everyday Power- Influencers who flout the regulations on financial tips face jail time in Australia

G'day, mate!
According to a new information sheet, influencers in Australia face up to five years in prison if they contravene laws on financial advice.

The Australian Securities and Investments Commission (ASIC) requires a license for these influencers who give advice.

A 2021 ASIC survey suggested 33% of 18 to 21-year-olds follow financial influencers.

It also discovered that 64% of young Australians modified their financial behavior due to an influencer.

Cathie Armour, the Australian Securities and Investments Commission (ASIC) commissioner, stated that it was critical that "Financial services regulations apply to influencers who discuss financial products and services online". They risk significant penalties and put investors at risk if they do not comply.

These laws on financial advice likely restrict many influencers who always give advice. As investors, what platforms enable us to get helpful financial advice? In my opinion, it is necessary to systematize knowledge and build our logical investment strategy for investors. Only we can give more helpful advice for ourselves.