Malaysia Urges Caution in Following Financial Influencers

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Malaysia Urges Caution in Following Financial Influencers
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Finance Minister II and consumer groups warn about the rise of 'finfluencers' and the lack of regulations surrounding their advice. The Minister encourages seeking advice from licensed financial advisors while the Federation of Malaysian Consumers Associations calls for clear definitions and collaboration with social media platforms to protect consumers from misinformation.

KUALA LUMPUR: Those looking for advice on investment planning are encouraged to consult financial advisers who are recognised and approved by the authorities.

In July last year, the SC issued updated guidelines for financial influencers to address their growing popularity. Federation of Malaysian Consumers Associations legal adviser Datuk Indrani Thuraisingham said the rise of financial influencers has presented new challenges because there is currently no specific legislation in the country that directly addresses their activities.

Under these laws, individuals or entities offering financial advisory services must obtain the necessary licences from regulatory bodies such as the SC and Bank Negara. Malaysia should adopt best practices from other jurisdictions to ensure accountability and protect consumers from misinformation online, she said.

“This would ensure that only qualified individuals offer financial guidance, thus maintaining the integrity of financial advisory services.”

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