Singapore Warns Content Creators About Giving Financial Advice

Singapore’s regulator will issue advisory letters to five content creators who may have given financial advice without a license, joining authorities elsewhere in tightening oversight of social media influencers.

The Monetary Authority of Singapore on Thursday also rolled out guidelines on responsible online content including when a license is required and disclosing compensation received. Younger consumers are increasingly turning to finfluencers who dispense financial concepts and, at times, advice about money and investing on social media.

“With their broad reach, these platforms are able to reach the retail public to facilitate financial education and enhance understanding of financial concepts,” the ...