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By SHYAFIQ DZULKIFLI PETALING JAYA: The Malaysian Financial Planning Council (MFPC) has welcomed the Securities Commission’s (SC) revised Advertising Guidelines, saying the move marks an important initial step in addressing the growing influence of finfluencers and unregulated investment advice online. MFPC president Andy Ng Yen Heng said professionalism and accountability were essential in maintaining trust in the financial system. “Unlicensed advice erodes trust, but professionalism restores it. MFPC will continue raising the bar for ethical and responsible financial guidance to uphold the integrity of the profession and protect the public,” he said. The council warned that fraudelent or unlicensed online advice could expose consumers to serious financial risks, particularly as such practices undermine consumer protection, professional standards, and overall market integrity. MFPC said it supports clearer regulations that distinguish genuine financial education from regulated advice ...

By SHYAFIQ DZULKIFLI PETALING JAYA: The Securities Commission (SC) is stepping up enforcement against unlicensed and fraudulent finfluencers. According to the SC, finfluencers are generally referred to as individuals who leverage social media platforms to share investment-related content, ranging from general financial education to specific stock recommendations. To date, the commission has issued 31 cease-and-desist notices and one warning letter to those providing unlicensed investment advice. The SC has also taken stronger action against five finfluencers, including two criminal charges as well as five reprimands with fines. “The actions were taken amid growing regulatory concerns over the proliferation of self-styled investment gurus online. “SC’s enforcement actions send a clear message that providing investment advice is a regulated activity and must only be carried out by licensed individuals or entities,” it said.  The commission s...