Greek financial regulators have issued a stark warning to social media personalities who promote investment products, making clear that misleading or careless online content can harm consumers and expose influencers themselves to serious legal consequences.
In a strongly worded intervention, the Hellenic Capital Market Commission addressed the growing phenomenon of so-called «finfluencers», stressing that the promotion of financial products and services cannot be treated in the same way as advertising everyday consumer goods. Unlike lifestyle or retail marketing, the Commission noted, investment-related content can have significant and lasting financial repercussions for audiences who may act on what they see online.
The regulator emphasised that accountability does not depend on professional status. Even individuals with no formal role in the financial sector remain responsible for the content they publish. Posts that are misleading, exaggerated or poorly informed may result in financial losses for consumers and legal liability for those who created or shared them. Transparency, the Commission said, is essential. Any form of payment, benefit or incentive linked to the promotion of an investment product must be clearly disclosed in a way that is immediately understandable to viewers. The same obligation applies when a content creator has a personal financial stake in the investment being promoted.
Particular concern was raised about high-risk investment products, including contracts for difference (CFDs), foreign exchange trading, futures, certain types of crowdfunding and highly volatile cryptocurrencies. According to the Commission, these instruments carry a heightened risk profile and, in some cases, investors may lose their entire capital. Content referring to such products must therefore be accurate, balanced and clear, with a strict separation between verifiable facts and personal opinions.
The watchdog also warned against content that promises unusually high or rapid returns. Practices that create a false sense of urgency or promote the idea of quick and easy wealth were singled out as especially problematic. While profits can be made quickly, the Commission underlined, losses can occur just as fast. Influencers were also urged to verify the legitimacy of the companies, platforms or applications they promote, as endorsing unlicensed or suspicious schemes could potentially lead to accusations of facilitating fraud.
On the issue of investment recommendations, the regulator clarified that advising audiences on what to buy or sell may be classified as investment advice under Greek and European law, an activity that requires specific authorisation from the relevant national authority. Even publicly expressing views on the future performance of a share or a cryptocurrency, or promoting particular investment strategies, may fall within this regulatory framework. Standard disclaimers such as «this is not investment advice», the Commission warned, do not automatically remove legal responsibility.
The message concludes with a broader caution to content creators not to portray themselves as experts in products they do not fully understand. While formal economic training is not a prerequisite for posting online, inaccurate or superficial commentary can cause real financial harm to audiences and reputational and legal damage to the creators themselves. The Commission’s underlying message is blunt and familiar: when an investment opportunity sounds too good to be true, it usually is.
