NEWS
CFA Institute outlines policy recommendations for ‘ finfluencer ’ social media content
New research published by the CFA Institute , the global association of investment professionals , reveals that insufficient financial literacy , limited interaction with regulated financial advisers and a preference for obtaining information through digital platforms , drives Gen Z-ers to engage with finfluencer content .
Rhodri Preece , CFA , Senior Head of Research , CFA Institute said : “ Finfluencers now play an increasingly significant role in educating young people about finance , with accessible content that is both informative and engaging . However , our research shows that finfluencer content often lacks sufficient disclosures , which can hinder the ability of consumers to evaluate the objectivity of the information , and some investors may be unaware when and how finfluencers are being paid to promote financial products .”
“ We urge regulators to consider a universal definition of an investment recommendation , and firms and social media platforms should work with finfluencers to ensure compliance with applicable policies .”
Across the content reviewed , 45 % offered guidance ( content that provides general information about investments but does not recommend a particular course of action ), 36 % included investment promotions ( marketing and advertisements of investment products ), and 32 % included investment recommendations ( content that recommends a specific course of action ). Just over half ( 53 %) of content containing a promotion included a disclosure , compared with 20 % of content containing a recommendation . 27 % of content included an affiliate link .
To read the full report and recommendations visit : Finfluencer Appeal : Investing in the Age of Social Media .
Revolut launches Mobile Wallets , allowing for faster transfers across the world
Revolut , the global financial super app with more than 35 million customers worldwide , has launched Mobile Wallets , a new quick and easy option to sending money abroad .
Mobile Wallets redefines remittance experiences by offering a low-friction , intuitive process . Users send money abroad quickly using only recipient IDs such as their name alongside their phone number or email addresses . Mobile Wallets reduce potential risks associated with some traditional payment methods such as money being sent to the wrong account details or money being stuck with banks . Now , Revolut customers in the UK and most European countries can send money to Bangladesh and Kenya using Mobile Wallets , with other wallets routes expected to be launched soon .
Countries like Bangladesh and Kenya heavily rely on Mobile Wallets for various transactions , making Revolut ’ s entry into these two markets timely and impactful . Customers can now seamlessly send money to bKash , and M-Pesa directly from their Revolut app , offering a handy mobile payment option for expats and international students living abroad .
Akshat Mittal , General Manager for Revolut International Payments , said : “ Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers .
“ By continuously adapting to the evolving needs of the digital economy , we hope to continue to empower individuals and families around the world to navigate the complexities of crossborder finance with ease .”
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