"Singapore's regulator will issue advisory letters to five content creators who may have given financial advice without a license, joining authorities elsewhere in tightening oversight of social media influencers."
"The Monetary Authority of Singapore on Thursday also rolled out guidelines on responsible online content including when a license is required and disclosing compensation received."
"Younger consumers are increasingly turning to finfluencers who dispense financial concepts and, at times, advice about money and investing on social media."
The Monetary Authority of Singapore will issue advisory letters to five content creators who may have provided financial advice without a license. The authority introduced guidelines on responsible online content that specify when a license is required and require disclosure of compensation received. The measures form part of tighter oversight of social media influencers, aligning with actions by other authorities. Younger consumers are increasingly turning to finfluencers who explain financial concepts and sometimes offer money and investing advice on social media. The advisory letters and guidelines aim to clarify licensing boundaries and improve transparency around influencer compensation.
Read at www.bloomberg.com
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