Millions of Followers, Few Rules: Option consommateurs Calls for Better Regulation of Finfluencers

Finfluencers—whether professionals or amateurs—post content on financial management, cryptocurrency, and various investment products. This diversity of participants and advice exposes consumers to significant risks.

“Consumers are vulnerable when it comes to the information presented to them. This is evident in the fact that they pay little attention to the professional qualifications of those sharing the information,” explains Clarisse N’Kaa, a lawyer, analyst, and author of the report.

The research also highlights certain practices used by finfluencers to try to protect themselves from legal action. Some of them issue disclaimers to exempt themselves from liability in the event of a loss, or warnings stating that the content provided does not constitute advice. 

“As long as the activity takes place within the general framework and no personalized advice is provided, it is possible to be exempt from the registration requirement. However, determining whether this limit is being met requires a case-by-case analysis, which is difficult to apply given the proliferation of content on social media. “Consumers have the potential to be misled,” argues Ms. N’Kaa.

The study urges Canada to draw inspiration from initiatives adopted by other jurisdictions, such as France, which provides training for finfluencers and has created a new category for creators who are not registered with financial authorities.

Australia has also broadened the definition of financial advice to better reflect the real influence that finfluencers exert on consumer decisions and to hold them accountable under the law.

“Regulating the sector is essential to ensuring genuine consumer protection and must go hand in hand with sustained efforts to raise awareness,” concludes Clarisse N’Kaa.

The study Do “Finfluencers” give financial advice, or just suggestions? How consumers can be protected Research report“Do “Finfluencers” give financial advice, or just suggestions? How consumers can be protected Research report” was conducted with funding from the Canadian Consumer Protection Initiative program of Innovation, Science and Economic Development Canada. 

About Option consommateurs 
Option consommateurs is a nonprofit organization dedicated to defending the rights and interests of consumers. It focuses on issues related to personal finance, business practices, financial services, privacy protection, energy, debt, and access to justice.

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For more information or to schedule an interview:

Marie-Ève Dumont, Director of Communications  

514-777-6133

medumont@option-consommateurs.org