The corporate regulator is no longer just warning individual stock-tippers on platforms such as TikTok. It is reviewing the licensed firms that put them on the payroll, and it wants proof they are watching.
The Australian Securities and Investments Commission (ASIC) has widened its campaign against financial influencers, or 'finfluencers', to take in the licensed businesses that stand behind them.
In April 2026, as part of a coordinated week of action with 16 overseas regulators, ASIC issued warning notices to four suspected unlawful finfluencers. More significantly, it began reviewing three Australian Financial Services (AFS) licensees that between them supervise 15 finfluencers.
The distinction matters. Under the law, anyone giving financial product advice must either hold an AFS licence or act as an authorised representative of someone who does. Many popular finfluencers take the second route, operating under a licensed firm's banner. That arrangement is legal, but it makes the firm responsible for what goes out under its name.
"Licensees remain responsible and liable for what their representatives say and do online," ASIC commissioner Alan Kirkland said. "We expect active supervision, not a set-and-forget approach."
ASIC expects licensees to keep documented supervision arrangements and records showing they actually monitor their finfluencers. It has form here. In February 2026 it cancelled the AFS licence of Pulse Markets, in part for failing to take reasonable steps to ensure its representatives complied with financial services law.
The unlicensed end of the market faces heavier consequences. Giving financial advice without a licence or authorisation can carry up to five years' imprisonment or million-dollar fines.
The line between sharing and advising is set out in ASIC's Information Sheet 269 (INFO 269), issued in 2022. Explaining how shares or exchange-traded funds work is not advice. A post telling followers which stocks they should buy, or promising a guaranteed return, is. Being paid to talk about a product makes it more likely ASIC will see the content as advice.
The audience is why ASIC cares. It says 63 per cent of Australians aged 18 to 28 rely on social media for financial information. "What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information," Kirkland said.
The MPJ Takeaway
Targeting licensees is the smart move, and it will work. A lone influencer can shrug off a warning notice. A licensed firm with a business to protect cannot, and supervision failures have already helped cost Pulse Markets its licence. Expect licensees to prune their finfluencer rosters, tighten scripts and add disclaimers, which will make licensed content blander but safer. The risk is that the most reckless voices simply stay unlicensed and offshore, where ASIC's reach is weakest. For followers, the test is simple. Before acting on a tip, check the ASIC register to see whether the person is licensed or authorised. If they are not, treat the post as entertainment.
Targeting licensees is the smart move, and it will work. A lone influencer can shrug off a warning notice. A licensed firm with a business to protect cannot, and supervision failures have already helped cost Pulse Markets its licence. Expect licensees to prune their finfluencer rosters, tighten scripts and add disclaimers, which will make licensed content blander but safer. The risk is that the most reckless voices simply stay unlicensed and offshore, where ASIC's reach is weakest. For followers, the test is simple. Before acting on a tip, check the ASIC register to see whether the person is licensed or authorised. If they are not, treat the post as entertainment.