Norway's Financial Supervisory Authority advises consumers against listening to “financial influencers”

Norway’s Financial Supervisory Authority advises consumers against listening to “financial influencers”

The Financial Supervisory Authority of Norway (Finanstilsynet) warns consumers against taking advice from so-called “financial influencers,” i.e., influencers on social media who recommend high-risk investments.

Such investments include the purchase of cryptocurrencies and various stocks. Young people with a new interest in investments are often targeted by “financial influencers,” Finanstilsynet writes on its website.

“Many people are rightly concerned that this could lead consumers to invest in products with a risk that they do not understand, want, or have the finances to bear,” the authority noted. 

Finanstilsynet also emphasizes that cryptocurrency is not to be regarded as a financial instrument and that recommendations on the purchase and sale of cryptocurrency are therefore not covered by the advisory rules in the Securities Act. Such recommendations are therefore not subject to supervision by Finanstilsynet.

However, Finanstilsynet warns against listening to advice from people without the necessary expertise, experience, and transparency about their commercial ties.

“Regardless of who gives advice, you should not make investments without understanding the risk and properties of the product you are investing in,” it noted.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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