Australian creators who offer financial advice without a license can face five years in prison, the country's government says.
Australian creators who offer financial advice without a license can face five years in prison, the country's government said.
The Australian government is cracking down on the creators who offer financial advice without a federally-issued license. In anreleased last month, the Australian Securities and Investments Commission warned that influencers who continue to offer unlicensed financial services can be penalized with hefty fines and up to five years of jail time.
Profiting from affiliate links that direct followers to online brokers may also count as providing an unlicensed financial service, ASIC stated. Influencers are also instructed to ensure that their content is"accurate and balanced."If your online post is misleading, you may be breaking the lawYounger people can be especially swayed by financial influencers.
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