Regulating finfluencers: consultation paper
The Bank of Russia proposes to discuss the need to establish a register of financial influencers or finfluencers, requirements for their qualification, and liability for the quality of information they disseminate.
The number of influencers has mushroomed in the financial market and other areas. Finfluencers often offer a wide audience an entry point into the world of investment and cash management.
Financial decisions of people who do not have necessary knowledge frequently depend on recommendations given on social media. However, some finfluencers do not have adequate expertise and often misrepresent advertisements as their personal opinion. Moreover, the Bank of Russia detected attempts to manipulate stock prices via Telegram channels where people were encouraged to buy/sell securities.
Finfluencers tend to describe sophisticated financial products in a simplified language and omit key information, including risks, giving a rise to elevated expectations among investors. Following finfluencers’ tips, people can risk losing savings and getting disappointed in investment and finance. According to the consultation paper, finfluencers are now neither liable for the quality of their content nor for damages they may inflict on their subscribers if the latter follow tips of the former and hidden advertising.
The Bank of Russia deems it necessary to label finfluencers’ content, among other things, for people to know that information is an advertisement placed by a financial institution. In addition, the regulator proposes to establish criteria for finfluencers’ activities.
The Bank of Russia welcomes answers to the questions raised in the consultation paper as well as comments and suggestions through 30 April 2026.