- ASIC has cracked down on unlicensed 'finfluencers'
- About one third of young people on social media follow a finfluencer
- ASIC's rules don't cover cryptocurrency
"It is an area that concerns us because of the lack of protections but at the moment, ASIC is not able to to regulate crypto assets that are not financial products. So if you do invest in those products, you're effectively on your own."
"If you are dealing with a licensed financial adviser, you have access to the Australian Financial Complaints Authority, ASIC, the regulator will be keeping an eye on things. In terms of stock broking and investment advice, you're also subject to the market integrity rules."