ACCC clamp down on misleading posts

The same day Kim Kardashian was fined A$2 million in the US for promoting a cryptocurrency product, the Australian Competition and Consumer Commission (ACCC) announced two impending internet sweeps to target deceptive environmental and sustainability claims and fake online reviews. Misleading advertising by influencers on social media will be considered in a second sweep, which will focus on identifying posts that fail to clearly disclose advertising or sponsorship.

In this Mi3 article about the ACCC move our AiMCO members commented on the announcement - AiMCO Chair Sharyn Smith who is founder of Social Soup, indicated that it’s about the ‘professionlisation of influencer marketing’ and that the regulation is catching up. 
Tegan Boorman, Social Law Co. indicated that such a move by the regulator was not unexpected and was more ‘just a matter of when’. 
Sam Kelly, Managing Director of digital media agency Hello Social commented:
“The consultation and specific regulation won’t affect those who have been compliant with advertising standards to date. Influencer marketing has continued to prove its effectiveness and credibility over the past five years. It works, it’s here to stay and is still growing rapidly. With this meteoric rise and success, we were anticipating increased regulation… It all sounds scary but it’s a storm in a teacup.”

However, just as overseas regulators have fined high profile celebrity influencers and creators to make their point the ACCC may do likewise.