ASIC commissioner Cathie Armour has informed organizations about regulatory risks when collaborating with the platforms of financial opinion leaders.
We should admit that for some companies, opinion leaders can be an effective way to promote their tools and services and to reach their young investors.
But firms should be careful when collaborating with them as influencers may be contributing to their regulatory risks.
As most opinion leaders do not have an AFS document, they are not subject to a set of requirements that are crucial in the financial industry.
