The corporate regulator has issued warning notices to four social media “finfluencers” regarding unlicensed financial advice and misleading and deceptive conduct.

It has also launched a review of several financial services licensees around their supervision of 15 finfluencers operating under their licences.

Cracking down on unlicensed advice is a priority matter for the Australian Securities and Investments Commission, and the action comes after research for its Moneysmart website found 41% of young Australians seek financial information or advice from online sources such as social media.

The regulator is examining finfluencers who market themselves as “so-called trading experts”, providing unauthorised financial product advice and promoting high-risk, complex investment products such as contracts for difference and over the counter derivative products.

“We are seeing a pattern where these unlicensed finfluencers invite consumers to join their closed communities or forums to learn their secrets to success or copy their trades,” ASIC commissioner Alan Kirkland said.

“What people see online is shaped by algorithms designed to drive clicks and engagement, rather than promoting accurate information. This means consumers are more exposed to biased or misleading content.”

Finfluencers often use social media platforms and present misleading commentary about prospects of success alongside images of their lavish lifestyles.

ASIC is working with 17 other regulators worldwide to disrupt unlawful online financial promotion and warn consumers about misinformation.