ASIC announced this week that unlicensed "finfluencers" will face jail time and a $1 million fine.

ASIC announced this week that unlicensed "finfluencers" will face jail time and a $1 million fine.

ASIC announced this week that unlicensed "finfluencers" will face jail time and a $1 million fine.

I was always perplexed as to how people were able to post articles that were clearly borderline financial advice, but equally appreciate people have a right to their opinion so i guess this comes as no surprise.  

However, we must exercise caution not to suffocate people to the point where they are unable to express themselves freely. In any case, there are many sides to this story, but I believe that people should be allowed to express their genuine opinions, and if they are paid to endorse something, that's fine as long as they make that clear and allow others to make their own decisions.

So, exactly what is a finfluencer? They are broadly defined as anyone who shares an opinion on social media about "money, budgeting, and investing." But isn't simply posting or reposting a comment an expression of one's opinion? There's a lot to think about here. Yes, ASIC was most likely required to intervene; however, this is clearly excessive as a starting point.

By Matt Holland