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In a world where social networks dominate communication and where financial products are increasingly promoted through this means, the Financial Markets Authority (AMF) has undertaken a careful monitoring of content disseminated by financial influencers, also called “ finfluencers”. This initiative aims to monitor and regulate the promotion of investment services and products in France, whether authorized or not.
Social networks as a promotion channel
Social networks such as YouTube, X (formerly Twitter), Instagram and TikTok have become platforms of choice for promoting financial products. Industry players, including neobrokers and digital asset service providers (DASPs), find a large and receptive audience there. They often partner with influencers to attract new customers using affiliate strategies, offering bonuses and fee reductions to incentivize account openings.
The AMF has identified around 150 finfluencers active in this field. They play a crucial role in promoting financial products, influencing the investment decisions of thousands or even millions of people. Their impact is such that the regulation of their activities has become a priority for the AMF.
The impact of regulation and pedagogy
To supervise this new form of promotion, the AMF, in collaboration with the Ministry of the Economy, Finance and Industrial and Digital Sovereignty, as well as the Professional Advertising Regulation Authority (ARPP), has implemented implemented several initiatives. Among them, the publication of the law on commercial influence and the Guide to good conduct of commercial influence. These documents provide clear guidelines on responsible and ethical promotion practices.
In addition, the launch of the Financial Products module of the Responsible Influence Certificate by the ARPP and the AMF aims to train influencers in the specificities and legal obligations linked to the promotion of financial products. This educational initiative has encouraged a significant movement to clean up content on social media, as influencers seek to comply with regulations to avoid sanctions and maintain their credibility.
The challenges of content monitoring
Monitoring content on social networks presents several challenges. First, identifying unauthorized actors requires advanced resources and technologies to monitor a constant flow of information and promotions. Second, the speed with which content can be distributed and shared complicates the task of real-time regulation.
However, the first results of this monitoring are encouraging. A growing number of influencers are adopting more transparent and regulatory-compliant practices. They disclose their commercial partnerships and provide balanced information on financial products, thus contributing to better protection of savers.
The role of finfluencers in the financial ecosystem
Finfluencers play an increasingly important role in the financial ecosystem. Their ability to popularize complex concepts and make investments more accessible is undeniable. However, with this influence comes responsibilities. The promotion of financial products must be honest, transparent and based on a thorough understanding of the associated risks.
The AMF, in partnership with other authorities, will continue to monitor and guide influencers to ensure that their impact is positive and that savers are protected against misleading or fraudulent practices.
