Singapore's financial regulator received 8 complaints against financial influencers in 2025, prompting a review of safeguards against unlicensed financial advice.
KEY POINTS
IN SIMPLE TERMS
Financial influencers on social media are giving advice about buying and selling investments, but many aren't properly licensed to do so. Singapore's financial watchdog got 8 complaints about this in 2025 and is now checking whether current rules are strong enough to protect people.
WHY IT MATTERS
WHERE DO YOU STAND?
Should Singapore impose stricter licensing requirements on all financial influencers who discuss investment decisions on social media?
👍 👎 Vote ↓Singapore’s financial regulator addresses the rising concerns about financial influencers and their impact on investment decisions.
In a recent parliamentary reply by Monetary Authority of Singapore (MAS), concerns about financial influencers (finfluencers) have come to the forefront.
The reply addressed questions raised by Ms. He Ting Ru from Sengkang GRC.
She inquired about safeguards against non-licensed individuals providing financial advice.
This concern arose following events that led to a temporary suspension of immediate fund withdrawals by a financial services platform in March 2025.
Mr. Alvin Tan, Minister of State, responded on behalf of Mr. Gan Kim Yong, Deputy Prime Minister and MAS Chairman.
According to the MAS report, there has been a notable increase in complaints against finfluencers.
Eight complaints were received in 2025, up from an average of five per year in the previous five years.
Most of these complaints were related to comments made by two finfluencers.
“MAS has received eight complaints against finfluencers in 2025 with the majority attributable to comments made recently by two finfluencers who shared their reasons for liquidating their investments from an investment platform”
These finfluencers had shared their reasons for withdrawing investments from a particular platform.
The increase in complaints has prompted MAS to monitor the situation closely.
While finfluencers can help create awareness about financial products and promote financial literacy, they must act responsibly.
MAS has outlined clear guidelines for what constitutes financial advice.
“MAS considers an individual as providing financial advice if he is remunerated for making a recommendation or expressing an opinion on the buying selling or holding of investment products”
Finfluencers providing such advice must be regulated under the Financial Advisers Act.
They need to be appointed as representatives by licensed financial advisory firms.
Even without remuneration, regularly making investment recommendations can be considered financial advice.
Finfluencers are subject to strict regulations regarding their statements about financial products.
“Even if finfluencers are not providing financial advice they must not make false or misleading statements on any capital markets products or they may be liable for an offence under the Securities and Futures Act”
This applies to statements made on social media platforms as well.
The Singapore Code of Advertising Practice, overseen by the Advertising Standards Authority of Singapore (ASAS), also applies to finfluencers.
All advertisements must be legal, decent, honest, and truthful.
MAS is actively working to ensure proper regulation of financial advice in the digital age.
The authority will continue to collaborate with ASAS to promote good practices among finfluencers.
MAS is also considering the sufficiency of existing safeguards to protect consumers.
These measures aim to maintain the integrity of Singapore’s financial advisory landscape.
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