Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence Season 11, Episode 1: Under the Finfluence: the many forms of social media financial promotions
May 16, 2024
45:37
In the first episode of Season 11, Lindsey Rogerson, senior editor, is joined by Rachel Wolcott, senior editor in London and Todd Ehret, senior regulatory expert in
New York to discuss the growing impact of finfluencers – financial influencers – on the public’s investment decision-making.
According to research from the CFA Institute, some found that 37% of Gen-Z investors in the United States and 38% in the United Kingdom cited social media influencers
as a major factor in their decisions to invest.
But who are these people?
They are not just celebrities like Kim Kardashian or Tom Brady, but also bloggers sitting in their bedrooms.
The discussion moves on to discuss how regulators are attempting to clamp down. And the limitations on what regulators can be expected to achieve.
Links:
FCA finfluencer infographic: https://www.fca.org.uk/multimedia/fca-and-asa-team-warn-finfluencers-risks-promoting-illegal-get-rich-quick-schemes
European Securities and Markets Authority finfluencer research: https://www.esma.europa.eu/sites/default/files/2024-02/ESMA74-1103241886-912_Warnings_on_Social_Media_and_Investment_Recommendations.pdf
FINRA M1 Finance fine:
https://www.finra.org/media-center/newsreleases/2024/finra-fines-m1-finance-850000-violations-regarding-use-social-media
CFA Institute research:
https://rpc.cfainstitute.org/en/research/reports/2024/finfluencer-appeal
Off message: EU and UK approaches to social media promotions and finfluencers
Paywall: http://go-ri.tr.com/jSgT5b
Openweb: https://regintel-content.thomsonreuters.com/document/I12480010110211EF9891F1C9B4067FAC/Off-message:-EU-and-UK-approaches-to-social-media-promotions-and-finfluencers-15-05-2024
UK-registered cryptos still advertise with non-compliant UK affiliate marketer; FCA has not issued new warnings: https://regintel-content.thomsonreuters.com/document/IBF8E49A00D5111EF8367C78DC6A8BA08/UK-registered-cryptos-still-advertise-with-non-compliant-UK-affiliate-marketer-FCA-has-not-issued-new-warnings-09-05-2024
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.
New York to discuss the growing impact of finfluencers – financial influencers – on the public’s investment decision-making.
According to research from the CFA Institute, some found that 37% of Gen-Z investors in the United States and 38% in the United Kingdom cited social media influencers
as a major factor in their decisions to invest.
But who are these people?
They are not just celebrities like Kim Kardashian or Tom Brady, but also bloggers sitting in their bedrooms.
The discussion moves on to discuss how regulators are attempting to clamp down. And the limitations on what regulators can be expected to achieve.
Links:
FCA finfluencer infographic: https://www.fca.org.uk/multimedia/fca-and-asa-team-warn-finfluencers-risks-promoting-illegal-get-rich-quick-schemes
European Securities and Markets Authority finfluencer research: https://www.esma.europa.eu/sites/default/files/2024-02/ESMA74-1103241886-912_Warnings_on_Social_Media_and_Investment_Recommendations.pdf
FINRA M1 Finance fine:
https://www.finra.org/media-center/newsreleases/2024/finra-fines-m1-finance-850000-violations-regarding-use-social-media
CFA Institute research:
https://rpc.cfainstitute.org/en/research/reports/2024/finfluencer-appeal
Off message: EU and UK approaches to social media promotions and finfluencers
Paywall: http://go-ri.tr.com/jSgT5b
Openweb: https://regintel-content.thomsonreuters.com/document/I12480010110211EF9891F1C9B4067FAC/Off-message:-EU-and-UK-approaches-to-social-media-promotions-and-finfluencers-15-05-2024
UK-registered cryptos still advertise with non-compliant UK affiliate marketer; FCA has not issued new warnings: https://regintel-content.thomsonreuters.com/document/IBF8E49A00D5111EF8367C78DC6A8BA08/UK-registered-cryptos-still-advertise-with-non-compliant-UK-affiliate-marketer-FCA-has-not-issued-new-warnings-09-05-2024
Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.
Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer. Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.