ASIC Crackdown on "Finfluencers"

ASIC recently announced they will be enforcing some guidelines prohibiting people to give unlicensed financial advice, and dealing by arranging.

The interesting thing with this, is that it was targeted towards "Finfluencers", given the recent rise in popularity of social media accounts. I myself have a platform that aims to help people get a better understanding of their financial situation. However, never provided financial advice, rather facts and/or my own journey, experience using a platform. This was the case for so many other platforms too.

The kicker here, is that ASIC has brought affiliate links under their tentacles... Suggesting these are classed as dealing by arranging and require a licence. With repercussions of millions in fines or jail time they are throwing some weight around.

Having previously worked in the wealth management industry, it's very clear to see the majority of people will be priced out of financial advice. Hence the rise in educating and learning from these "Finfluencers".

Crypto doesn't fall under this per view from ASIC, which is ludicrous given they are trying to "protect" consumers. How many Pump & Dump schemes have you seen in Crypto?

I feel this is misplaced and can actually be more harmful to everyday Australians getting control of their financial situation. What do you think?