Adviser calls out HSBC for influencer's TikTok video

Adviser calls out HSBC for influencer's TikTok video

An adviser has called out HSBC after seeing a TikTok video produced by a social media influencer which was sponsored by the bank.

Chartered financial planner Elliot Guthrie took to Twitter and said: “Why are HSBC partnering with this TikToker who constantly gives out daft and incorrect advice, often with no context or explanation of risks?”

Within the tweet, he attached a screenshot of the influencer in a video sponsored by HSBC.

Guthrie then went on to share a number of the videos from influencer Cameron Smith, who goes by the name of Cazzatime on TikTok, arguing that a lot of the influencer's inheritance tax planning advice is incorrect and that he mixes up the lifetime allowance a lot. 

In another video, Smith was sponsored by a firm to advertise unregulated crypto savings.

Speaking to FTAdviser, Guthrie questioned why HSBC would partner with the influencer without viewing other videos he produced.

However, a spokesperson for HSBC said: “At HSBC UK, we are committed to producing educational resources that are accessible and informative in order to support people in managing their money. As part of this, we work with a range of different social media influencers.

“Any content produced on behalf of HSBC UK as part of a collaboration with an influencer goes through strict checks and is both compliant and accurate. The video that is referenced in this instance has no link to HSBC UK.”

Meanwhile, influencer Smith told FTAdviser that the purpose of his account and the content created is to deliver financial education "in a simple and accessible way" using short-form content, which as a result, triggers a conversation around the topic, and influences those that the content resonates with.

“When creating a piece content which aims to educate a viewer about a personal-finance-related topic, I ensure that the information that I share is as generalised as possible, and thus, I try to avoid discussing aspects of the topic that are specific to individuals’ needs - I do this in attempt to ensure that the information that I share is not misconstrued as financial advice," he said.

“I fully understand that as a result of this, the information that I provide can be perceived as incomplete by some - however, as explained previously, the general information and short-form content format that I use is how I differentiate my content from financial advice.

"Nonetheless, I must emphasise that all the topics that are featured and discussed in my videos are fully researched by myself using reputable resources, and thus the information that I share is not incorrect."

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