Despite growing enforcement actions, most Gen Z consumers still trust finfluencers more than official financial guidance. (Image created via Gemini) While a growing number of young people are turning to social media for financial guidance, new research suggests much of the advice they consume may be inaccurate, misleading or potentially harmful. A global report by…
Finfluencers are reshaping how consumers engage with financial information – and the Financial Sector Conduct Authority (FSCA) is paying close attention. Here’s what financial service providers (FSPs) need to know about the risks, regulatory boundaries and how to approach influencer partnerships responsibly. Social media has changed how South Africans engage with financial information. Increasingly, consumers are…
There are both risks and opportunities presented by the rise of finfluencers. (Image source: 123RF) The rapid rise of financial influencers, or “finfluencers”, across South Africa’s social media platforms is a double-edged sword – representing both unprecedented opportunities for financial inclusion and significant risks related to misinformation. This was the sentiment shared by regulators and…
The FSCA’s inaugural Consumer Advisory Panel report shows how emerging technologies are redefining consumer protection in finance.(Image created via ChatGPT) The Financial Sector Conduct Authority’s (FSCA’s) Consumer Advisory Panel has published its inaugural annual report, outlining how digital finance, data insights and consumer intelligence should be used to drive smarter regulation. The report outlines the…
