The New Zealand Financial Markets Authority (FMA) has joined a coordinated Global Week of Action Against Unlawful Finfluencers, involving 17 regulatory authorities, to address risks from unlawful financial promotions by online influencers. Its focus is on public awareness and on reminding finfluencers and the industry of legal boundaries when promoting or offering financial products or services. As part of its activities, the FMA contacted 14 finfluencers across multiple social media platforms to set out relevant legal obligations and address concerns about their content or offerings. This led to the removal of misleading or harmful content, including advertisements targeting New Zealanders, and some finfluencers reducing the scope of their services or ceasing to offer services to New Zealanders. The release also highlights increased finfluencer-driven “copy trading” promotions, often involving complex, high-risk products and luxury lifestyle marketing that can downplay risks. During the week beginning 20 April, the FMA is publishing informational social media posts and has released a podcast and updated website guidance aimed at helping consumers identify red flags and supporting finfluencers to communicate responsibly about money matters.

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