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ARTICLE · 16 MARCH 2023

ASIC actions against finfluencers

Sophie Grace Pty Ltd
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Anyone posting financial commentary on social media or online should be aware of the licensing requirements.

AustraliaFinance and Banking
Leah Li
Leah Li
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The case against Mr Tyson Scholz shows how seriously ASIC takes its position on finfluencers. Anyone posting financial commentary on social media or online must be aware of the licensing requirements and position themselves either as financial product advice providers who are appropriately licensed, or limit their information to factual information only.

The Case against Mr Scholz

ASIC alleged Mr Scholz was carrying on a financial services business without a licence by providing financial product advice, regarding share trading on the ASX via:

  • delivering training courses and seminars during which he made recommendations about share purchases;
  • promoting those courses and seminars on Twitter and Instagram; and

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