The Monetary Authority of Singapore (MAS) received fewer than five complaints annually over the past five years concerning online “finfluencers,” Parliament was told during a session.
Most of these complaints involved remarks by individuals who did not provide financial advice and therefore did not fall under MAS regulation.
MAS Board member Alvin Tan clarified that financial institutions using finfluencers for advertising must ensure information is presented clearly and in a balanced manner, highlighting both key features and risks of the financial products or services.
He emphasized that finfluencers providing financial advice must be licensed under the Financial Advisers Act.
This includes those receiving payment for recommending or expressing opinions on investment products, and those who provide such recommendations or opinions regularly, even without remuneration.
General educational content, however, is exempt.
Tan revealed that the Monetary Authority of Singapore (MAS) has received fewer than five complaints against finfluencers annually over the past five years.
Most complaints involved individuals not providing financial advice and therefore fell outside MAS regulation.
He confirmed that MAS and the Commercial Affairs Department (CAD) will take action against unlicensed individuals providing financial advice.
In the past three years, six individuals have faced enforcement action, though none were finfluencers.
Featured image credit: Edited from Freepik
