TITLE: New Zealand's Financial Markets Authority Joins Global Initiative Against Unlawful Financial Influencers
BODY:
On 22 April 2026, the Financial Markets Authority (FMA) joined 16 other regulatory authorities across the globe in the second annual Global Week of Action Against Unlawful Finfluencers. The co-ordinated initiative, which ran during the week beginning 20 April, aimed to tackle risks associated with unlawful financial promotions by online influencers through enforcement actions, regulatory measures, consumer awareness campaigns, and educational programmes.
The FMA's participation focused on raising public awareness of the risks involved in engaging with financial influencers (finfluencers) while reminding finfluencers and the financial services industry of legal obligations when promoting or offering financial products or services. The FMA noted that consumers increasingly rely on social media for financial information, exposing them to potentially misleading promotions or fraudulent products. During the week, the FMA contacted 14 finfluencers active across various social media platforms to outline relevant legal obligations and address concerns about their online content or offerings. As a result, misleading or harmful content was removed, including advertisements targeting New Zealanders, with some finfluencers reducing the scope of their services or ceasing to offer services to New Zealand consumers altogether.
The FMA identified particular concerns regarding copy trading, where finfluencers encourage followers to replicate their trades, often promoting this as a simple pathway to success. These offerings frequently involve complex, high-risk products supported by luxury lifestyle marketing, which can create a false impression of success and downplay real risks involved.
Throughout the week, the FMA released informational social media content, a podcast exploring finfluencer risks and red flags, and updated guidance for both consumers and finfluencers on its website regarding online money advice.
**References:**
Financial Markets Authority (2026). FMA joins global initiative tackling unlawful influencers. Media Release MR No. 2026–18. Available at: https://www.fma.govt.nz/