Norwegian Financial Supervisory Authority joins international campaign targeting finfluencer marketing of illegal and high risk investments

The Norwegian Financial Supervisory Authority (Finanstilsynet) has joined a coordinated international supervisory initiative to warn consumers about the risks linked to unlawful investment marketing by “finfluencers” on social media. The effort reflects that online promoters often operate across borders, and aims to strengthen the reach and impact of national actions by coordinating regulators’ messaging and measures. Finanstilsynet reports a rise in social media actors sharing information about complex, high risk investment opportunities, and warns that consumers may be influenced into products they do not understand, do not want, or cannot afford. Its domestic measures include monitoring social media, prioritising education and prevention through cooperation with ung.no, working with the Norwegian Consumer Authority, the Tax Administration and Økokrim, publishing warnings about high risk or unauthorised offerings, and acting to stop illegal activity as part of its strengthened focus on economic crime. Internationally, it will share experience, follow common trends and coordinate action with participating authorities including the Australian Securities & Investments Commission, England’s Financial Conduct Authority, the Monetary Authority of Singapore, the Securities and Futures Commission of Hong Kong, the Securities and Exchange Board of India, the Central Bank of Ireland, the Danish Financial Supervisory Authority, and supervisors in Belgium, Brazil, Canada, New Zealand, Qatar and the United Arab Emirates.