Who can give financial advice?

“Ponzi apps taking away hard-earned money.” The Finance Minister’s warning against fin-fluencers…

Transcript

00:00So, social influencers, fin-influential influencers are all out there.

00:09If there are three or four people giving us very objective, good advice, there are seven

00:16others out of ten who are probably driven by some other considerations.

00:21There are also apps which are coming out and reaching out to people saying, we can do this,

00:27we can do that, your money will fetch you this much, many of whom are poncy.

00:57A lot of people consume social media where fin-fluencers are the new financial experts.

01:14I know that there was some talk on regulating or giving guidelines to financial influencers.

01:19Your thoughts on whether that needs to be regulated?

01:23At this stage, I'm not having any proposal before me for regulating them.

01:29But yes, a word of caution is important.

01:33If there are three or four people giving us very objective, good advice, there are seven

01:39others out of ten who are probably driven by some other considerations.

01:46There are also apps which are coming out and reaching out to people saying, we can do this,

01:51we can do that, your money will fetch you this much, many of whom are poncy.

01:58The apps on which we are working with the ministry concerned, the Meti ministry and

02:05with the Reserve Bank and clamping down on them like never before so that we don't get

02:13those poncy apps taking away hard-earned money.

02:19Social influencers, fin-influencers are all out there, but a very strong sense of caution

02:29is required in each one of us to make sure that we do double-checking, counter-checking,

02:35talking with people, don't go as a flock into something because somebody else has gone and

02:41you also go without doing your due diligence.

02:44We have to be careful.

02:45It's our hard-worked money.

02:47You earned it.

02:48You save it.

02:49You protect it.