Translation. Region: Russian Federation –
Source: Central Bank of Russia
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Bank of Russia offers to discuss the feasibility of creating a register of financial influencers, introducing requirements for their qualifications and establishing responsibility for the quality of the information disseminated.
The financial market, as in other sectors, has seen the emergence of a large number of influencers. They often become entry points into investing and money management for the masses.
When making financial decisions, people who lack the necessary knowledge often rely on recommendations on social media. However, financial influencers may lack the necessary expertise and often present promotional information as their personal opinion. Furthermore, the Bank of Russia has identified cases of stock market price manipulation through Telegram channels, where audiences were encouraged to buy and sell securities.
Financial influencers often present complex financial instruments in a simplified manner that doesn't fully convey key information, including risks, which creates inflated expectations among investors. Following such advice can lead to the loss of savings and disappointment in the financial industry and investments. Currently, influencers are not responsible for the quality of their content and are not obligated to compensate for any losses their followers may incur from following their advice or hidden advertising, the report notes.
Among other measures, the Bank of Russia considers it necessary to label financial influencers' materials so that citizens understand that the information is posted at the request of a particular financial institution. The regulator also proposes establishing criteria that financial influencers' activities must meet.
Responses to the questions posed in the report, proposals and comments on it can be sent to the Bank of Russia up to and including April 30, 2026.
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