The Danish Financial Supervisory Authority has entered into a new cooperation with the Danish Gambling Authority, the Consumer Ombudsman and the Danish Tax Agency to speed up the exchange of information on suspected unlawful activity involving “finfluencers”. The aim is to enable faster cross-authority intervention to stop illegal conduct and strengthen consumer protection online. The authorities link the initiative to a rise in breaches as more finfluencers promote quick gains and easy investment tips, sometimes marketing products in ways consumers cannot properly assess, including potential pyramid schemes. Under the arrangement, Finanstilsynet will contribute its monitoring of finfluencer investment tips and guidance, the Danish Gambling Authority its supervision of pyramid schemes, the Consumer Ombudsman its oversight of compliance with marketing rules, and the Danish Tax Agency its work to ensure correct taxation and provide more targeted tax guidance and controls. The cooperation is intended to improve coordinated reactions when marketing breaches the law or approaches pyramid-scheme-like activity.

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