Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
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IOSCO consultation proposes responses to risks posed by ‘finfluencers’
The International Organization of Securities Commissions (IOSCO) has proposed a raft of ‘good practice’ measures regulators can use to mitigate risks posed by finfluencers.
Globally, there has been a trend of people turning to social media for advice on making investment decisions. While getting people interested in investing and increasing financial literacy is to be commended, issues arise when finfluencers spread misleading or biased information, promote unsuitable or high-risk products and/or fail to adequately disclose any conflicts of interest.
IOSCO’s Finfluencers consultation report makes a series of recommendations including:
· Updating legal regimes to explicitly police finfluence
· Requiring the use of disclaimers and disclosures to help consumers understand the content they are consuming
· Better-monitor the finfluencer community (e.g. by using data analytics of social media activities) and enforce breaches
· Conducting joint investigations and co-ordinating enforcement actions in the case of cross-border issues
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