Estonia's Financial Supervision and Resolution Authority (Finantsinspektsioon) held a round table with financial influencers and is preparing a review of good and bad practice to clarify how finfluencer activity can affect investment decisions and what legal restrictions and risks may apply. The planned review is aimed at both influencers and their followers and stresses that strict rules on providing investment advice can apply even when content is compiled and distributed in general terms. It is intended to help finfluencers better assess and limit the scope of their activities so they remain within financial sector laws and requirements, and to provide consumers with a toolkit to test the reliability of shared information and make balanced decisions. Finantsinspektsioon also underlined that while finfluencers are not directly supervised, they can significantly influence investors, so investment information should be correct, transparent and compliant with financial sector regulation. Support materials for finfluencers are planned for publication in November, and the round table was used to gather feedback on the authority’s approach to informing the wider public about influencer-related risks.

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