Let’s take a look at the influencers who promote various financial instruments and services on their social media platforms!
According to the experience of the Economic Competition Office, consumers can increasingly encounter content in the digital space that contains advertisements and promotions for complex financial products/services or the currently fashionable cryptocurrencies, possibly combined with financial and investment advice. The competition authority a Think Calmly informational seriesdraws the attention of consumers to these fin influencers, i.e. those influencers who promote various financial instruments and services on their social media platforms.
It is very important that the rule also applies to the ads of influencers promoting financial products and services, i.e. fininfluencers, that if they receive compensation for the content they create, they must clearly indicate this. In this case, their recommendations cannot be considered completely objective and independent, as there is a clear business interest behind them.
The GVH hereby draws the attention of fin-influencers, the relevant agencies and advertisers to the importance of law-abiding behavior, including the indication of the advertising nature of paid promotional content.
ComputerTrends also continuously publishes articles on the subject thanks to Peak’s consultants. Bence Siklós, an expert at Peak, recently wrote about how social media platforms shape the investment habits of Generation Z.
As a general rule, the publishers of the content must, among other things, clearly, emphatically, conspicuously, simply, clearly and understandably state that they have received compensation for the published content. They can do this with the tagging option offered by the platform or (instead of tagging) in the text description, with the reference in Hungarian at the beginning of the text. It is important that these rules must also be applied if the opinion leader promotes his own business, products or services in individual publications.
In recent years, the GVH has placed great emphasis on helping market players to develop their law-abiding behavior with up-to-date practical advice. In this connection, the national competition authority hereby also recommends it to the opinion leaders influencer marketing informationwhich shows, in a practice-oriented way, by illustrating positive and negative examples, how it is possible to legally meet the expectations of providing information to consumers.
A on the GVH Podcast channel businesses and opinion leaders also receive useful advice on how to legally advertise on social media platforms in an accessible conversation. In the second part, the experiences of the competition supervision procedures conducted in connection with the advertising activities of influencers and the issues of responsibility are discussed, as well as the special sectors where influencer advertising is not allowed at all. At the beginning of 2024, GVH also organized a professional workshop to discuss the most current issues of consumer protection responsibility.
The Economic Competition Authority draws the attention of consumers to always act thoroughly and carefully in financial matters, and to obtain information from several sources. If necessary, ask for the opinion of a financial specialist, pay attention to the complex nature of financial products, and make a decision only after careful information.
The Economic Competition Authority recommends the Hungarian National Bank’s “Financial Navigator” information materials and other useful information on financial products available on the Hungarian National Bank’s website.
Source: www.computertrends.hu
