A New Horizon in Influencer Regulation
In a groundbreaking move, France, driven to regulate the increasing influence of finfluencers, introduces a non-obligatory yet significant certificate — the Responsible Influence Certificate. By offering a regulatory framework, France promotes transparency and responsible advertising in the financial sector, amidst the ongoing debates over influencer promotions across Europe.
The Genesis of the Certificate
The Responsible Influence Certificate, conceived by ARPP in 2021, takes a leap forward, targeting over 1,000 influencers who have already embraced it. The refreshed version extends to cater to influencers promoting a plethora of investment avenues, ranging from equities and bonds to rare commodities like wine, not forgetting the highly debated crypto assets.
Finfluencers aspiring to acquire the Responsible Influence Certificate in Financial Advertising must prove their mettle by scoring at least 75% in a multiple-choice questionnaire. Despite being non-obligatory, this certification envisages fostering a culture of accountability as ARPP retains the right to revoke the certificate for non-compliance.
Pre-requisite to Certification
Interestingly, aspiring finfluencers need to first obtain the “general certificate” designed for all influencers before venturing into the specialized financial certificate, underscoring the rigorous approach to ensuring responsible influence.
Widening Perspectives in Crypto Advertising
The proactive step by France coincides with the French Senate sanctioning registered crypto companies to rope in social media influencers for promotional initiatives as of May 2023. This progressive approach stands in contrast with the stringent stance adopted by UK regulators and the European Consumer Organization, hence painting a diverse regulatory landscape across Europe.
As France strides ahead with its innovative approach to regulating finfluencers through the Responsible Influence Certificate, it sets a precedent for other nations. It remains to be seen how this French experiment shapes the future discourse on the role and responsibilities of finfluencers globally, potentially steering a path of responsible advertising in the financial sector.