NZ FMA Joins Global Crackdown on Unlawful Finfluencers

New Zealand’s Financial Markets Authority (FMA) has joined 16 regulators from five continents in the second annual Global Week of Action against unlawful finfluencers, running from April 20 through this week.

The FMA contacted 14 finfluencers active on social media as part of the operation. As a result, misleading content has been removed, some operators have reduced their offerings, and others have stopped serving New Zealand customers altogether.

Samantha McGuire, FMA manager of regulatory services, said international collaboration is critical as financial promotions increasingly move to social media.

The 2026 coalition has doubled from last year’s nine regulators, now including ASIC (Australia), Hong Kong’s SFC, Singapore’s MAS, UAE’s SCA, and the UK’s FCA, among others.

Copy trading and luxury lifestyle promotions are flagged as priority risks. The FCA has criminally charged three finfluencers for promoting unauthorised CFDs, while ASIC issued 18 warnings last year. Hong Kong’s SFC secured a six‑week prison sentence for an unlicensed finfluencer.

New Zealand’s FMA continues to rely on enforcement rather than a separate licensing regime for online content creators. The regulator has also proposed leverage caps of up to 30:1 on CFDs for retail clients.

Despite regulatory action, demand for online financial content remains strong. A BaFin survey found over half of Gen Y and Gen Z investors view social media as a viable alternative to traditional financial advice.

The FMA is running a week of educational posts, a podcast, and updated guidance for consumers and finfluencers.