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The Australian Securities and Investments Commission (ASIC) has issued warning notices to four "finfluencers" suspected of providing unlicensed financial advice or engaging in misleading and deceptive conduct, as part of a coordinated global crackdown involving 17 regulators across 16 jurisdictions.
The corporate regulator has also instigated a review of three Australian Financial Services licensees responsible for overseeing 15 finfluencers operating as authorised representatives, warning that licensees bear direct liability for the online conduct of their representatives.
ASIC has not named the four individuals issued with warning notices or the three licensees under review.
ASIC’s action forms part of the second Global Week of Action Against Unlawful Finfluencers, involving 17 regulators globally across Asia, Europe, North America, South America and the Middle East to disrupt unlawful online financial promotion and warn consumers about misinformation.
"Unlawful finfluencer activity doesn’t respect borders, which is why regulators are taking strong action together for a second year in a row," says ASIC Commissioner Alan Kirkland.
"What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information.
"This means consumers are more exposed to biased or misleading content."
Providing unlicensed financial advice in Australia can attract penalties of up to five years' imprisonment or fines reaching into the millions of dollars.
The regulator says it expects licensees to take an active role in monitoring the social media output of their authorised representatives, warning that compliance could not be treated as "a set-and-forget approach".
The crackdown comes as ASIC's own research reveals the extent to which younger Australians are turning to social media for financial guidance.
A Moneysmart survey of 1,127 Gen Z Australians aged 18 to 28, conducted between November and December 2025, found 63 per cent use social media for financial information, with 56 per cent saying they somewhat or completely trust what they find there.
More than half - 52 per cent - say they trust finfluencers, while 64 per cent report trusting AI platforms for financial information.
The survey also reveals a sharp rise in cryptocurrency ownership among the cohort, surging from 9 per cent in 2023 to 23 per cent in 2025.
Of those Gen Z crypto holders, 66 per cent describe their approach as short-term or speculative and 29 per cent say they trade based on social media or influencer content.
Kirkland has urged consumers to verify the credentials of anyone offering financial advice online by checking ASIC's professional register before acting on recommendations.
"Finfluencers must either hold an AFS licence or operate as an authorised representative to legally provide financial product advice or arrange for their followers to deal in financial products," he says.
"When viewing financial content on social media, we urge Australians to check a creator’s credentials, and sense-check the information before acting on it.
"If someone on social media is promising easy money or guaranteed returns, there is a real risk they’re breaking the law, and you could be the one who loses money."
ASIC's first Global Week of Action in 2025 resulted in several finfluencers becoming authorised representatives of licensed firms, while others amended their content to comply with financial services laws.
The escalating regulatory focus on social media-driven financial misconduct follows the landmark 2023 prosecution of Tyson "ASX Wolf" Scholz, who was banned from operating a financial services business or hosting online paid trading advice groups after a permanent injunction was handed down by the Federal Court.
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