The Bank of Russia has proposed discussing new rules for financial influencers, also known as “finfluencers.” The central bank wants to consider creating an official register of finfluencers, setting qualification requirements for them, and making them responsible for the quality of information they share.
Why Is This Being Discussed?
In recent years, the number of influencers in the financial market has increased rapidly. Many finfluencers share content about investment, trading, and money management on social media platforms. They often act as a starting point for people who want to enter the world of investment and finance.
However, many people who follow such advice do not have enough financial knowledge. Their financial decisions are often influenced by recommendations shared on social media.
The Bank of Russia has raised concerns that some finfluencers:
- Do not have proper financial expertise.
- Present advertisements as their personal opinions.
- Fail to clearly inform followers that certain content is sponsored.
Concerns About Market Manipulation
The Bank of Russia has also detected attempts to manipulate stock prices through Telegram channels. In these cases, people were encouraged to buy or sell certain securities, which could artificially affect market prices. Such actions can harm ordinary investors and disturb the financial market.
Risk of Misleading Information
Finfluencers often explain complex financial products in very simple language. While this may make the information easy to understand, important details — especially risks — are sometimes omitted.
As a result:
- Investors may develop unrealistic expectations.
- People may invest money without understanding the risks.
- Some individuals may lose their savings.
- People may become disappointed in investment and financial markets.
According to the consultation paper released by the Bank of Russia, finfluencers are currently not legally responsible for the quality of the content they publish. They are also not liable for losses suffered by subscribers who follow their tips or hidden advertisements.
What Does the Bank of Russia Propose?
The Bank of Russia believes that regulation is necessary. It proposes:
- Creating a register of financial influencers.
- Setting qualification requirements for finfluencers.
- Introducing liability for the quality of information they share.
- Making it mandatory to clearly label content that is an advertisement from a financial institution.
- Establishing clear criteria for finfluencers’ activities.
The goal is to improve transparency and protect investors from misleading information.
Public Consultation Open
The Bank of Russia has invited the public, market participants, and interested parties to respond to the consultation paper. Comments, suggestions, and answers to the questions raised in the paper can be submitted until April 30, 2026. The proposal aims to strengthen investor protection and ensure responsible communication in the growing field of financial influencing.
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