ASIC cracks down on finfluencers over 'unlawful' advice
ASIC swoops on unlicensed finfluencers, time is running out for claims on dodgy add-on insurance, and do end-of-financial-year sales really offer value? Here are five things you may have missed this week.
ASIC cracks down on finfluencers
Investment regulator ASIC has issued warning notices to 18 social media 'finfluencers' (finance influencers) suspected of unlawfully promoting high-risk financial products and providing unlicensed financial advice.
It's part of a combined action that saw ASIC team up with regulators from the UK, United Arab Emirates, Italy, Hong Kong and Canada to crack down on unauthorised finfluencers.
ASIC Commissioner Alan Kirkland says, "Regulators across the world have joined forces to disrupt unlawful finfluencer activity."
Kirkland cautions that consumers need to "separate fun from fact" when it comes to finfluencer content.
"Popularity doesn't equal credibility," he adds.
ASIC first swooped on unlicensed finfluencers back in 2022.
Since then there has been a noticeable drop in social media posts by unauthorised finfluencers.
Right now, ASIC's chief concern lies with finfluencers positioning themselves as so-called trading experts.
These are influencers who promote high-risk, complex investment products that can cause real consumer harm, such as contracts for difference (CFDs) and over the counter (OTC) derivative products.
Their posts are often embellished with images of lavish lifestyles, sportscars and other luxury goods that suggest a high rate of investment success.
Investors can check the credentials of finfluencers by using ASIC's professional registers search tool.
Time to act: June 30 deadline for old, 'add-on' insurance complaints
The Australian Financial Complaints Authority (AFCA) is urging consumers to act now before an important deadline.
If you purchased add-on insurance before July 2019 and believe it was unfairly sold to you, the last date to lodge a complaint with AFCA is June 30, 2025.
Add-on insurance, also known as consumer credit insurance and sometimes called "junk" insurance, is a type of insurance sold with another product.
Consumer credit insurance (CCI), for example, was sold along with car loans, novated leases, personal loans and home loans or alongside finance through credit cards.
This type of insurance was reviewed by money watchdog ASIC as far back as 2011, with concerns raised about inappropriate and unfair sales practices and poor product design.
"It's important that consumers know this deadline is fast approaching," says AFCA's lead ombudsman for insurance, Emma Curtis.
"If they have a complaint about older add-on insurance they should lodge it with us by June 30."
The June 30 deadline does not apply to add-on insurance purchased after July 2019.
If you have a complaint about add-on insurance purchased this date, you still need to get cracking lodging a complaint with AFCA as time limits apply.
Are the end of financial year sales worth it?
More than 8 million people will be looking to bag a bargain at the upcoming end of financial year (EOFY) sales, with the average shopper planning to spend $2316 this sale time according to Finder.
But before getting caught up in the sales frenzy, consumer group CHOICE says it's worth taking the time to research whether you're really getting a good deal.
After all, November's Black Friday sales aren't too far off.
So, are the end of financial year sales worth it?
CHOICE editorial director, Mark Serrels, says it depends what you buy.
"Getting your hands on the latest and greatest appliances may not be that wallet friendly," he says.
"We recommend checking out older models that have been replaced by the latest version. They may be almost identical, and are often available at a discounted price."
Serrels points to TVs as a great example of appliances to purchase or update during the EOFY sales.
With 2025 models of TVs now arriving on retail shelves, it's time for the annual clearance of last year's stock, meaning you can usually get a great deal on a 2024 TV.
Aussie homes smash through $1 million barrier
It seems there's no stopping the upward trend of home prices.
Undeterred by high interest rates and a cost of living squeeze, the March 2025 quarter saw the average Australian home price punch through the $1 million mark for the first time.
The national average home price is now $1,002,500 according to the ABS, though this varies from an average of $1,245,900 in NSW, down to $517,700 in the Northern Territory.
Despite affordability challenges, home prices could be set to climb higher.
Tim Lawless, Research Director at Cotality (formerly CoreLogic), says interest rate cuts in May are likely to have a positive influence on housing values in June and through the rest of the year.
PropTrack, the research arm of REA Group, is more forthright.
It says a chronic lack of new housing supply, population growth, and targeted buyer incentives are expected to maintain upward pressure on prices.
Aussie shares set new PB
Not to be outdone by housing, the Aussie sharemarket set a new personal best this week.
The ASX 200 index climbed to a record high of 8592 late Thursday, a remarkable comeback from the low of 4735 recorded at the start of the COVID pandemic in early 2020.
Despite the market shenanigans when the US announced so-called reciprocal tariffs in early April, Aussie shares have notched up a 1-year price return of 10.79%.
Add in dividends, and the total return over the past 12 months is 14.68%.
It's an impressive result.
But as a reminder of the value of diversifying across global sharemarkets, the MSCI World ex Australia Index, shows global equities (excluding Australia) have notched up 1-year gains of 18.12%.
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