References of "Pflücke, Felix 50047092"
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See detailRethinking the Regulation of Financial Influencers
Pflücke, Felix UL

in Goanta, Catalina (Ed.) Social Media Contracts – The Quest for Fairness and the Need for Reform (2023)

The growth of social media has led to an unprecedented rise in financial influencers, so- called finfluencers, who share investment ideas and opinions with a global audience. Finfluencers have various ... [more ▼]

The growth of social media has led to an unprecedented rise in financial influencers, so- called finfluencers, who share investment ideas and opinions with a global audience. Finfluencers have various business models, from endorsing products to advertising their mutual funds. Retail investors are particularly vulnerable to the risks posed by financial influencers because most lack financial literacy, according to a UK Financial Conduct Authority study from 2021. Additionally, the power dynamic inherent in the influencer- follower relationship can also increase consumers’ susceptibility, particularly through one- sided parasocial relationships. Parasocial relationships are one-sided relationships where one person extends emotional energy and interest towards the financial influencer, who may be completely unaware of the follower’s existence. Such relationships can lead to a higher level of trust, credibility, and reliance on the advice and recommendations of financial influencers, even if they are not qualified or licensed to provide financial advice. This can be particularly dangerous for retail investors with low levels of financial literacy, who may be more vulnerable to the risks posed by finfluencers. Thus, the current regulatory framework may not be adequate to protect consumers from the potential harms of financial influencers. This Article starts by briefly examining the current regulatory framework for financial influencers (based on Pflücke 2020 and 2022), including how the EU and five platforms govern it. It then proceeds by critically analysing and proposing targeted and actionable policy considerations to increase fairness and transparency on social media platforms. The Article argues that the current approach is neither evidence-based nor tailored to the activities and potential harms of financial influencers, requiring radical reforms to protect consumers and capital markets. [less ▲]

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See detailProtecting Consumers and Capital Markets in the Age of Social Media: the Case of Finfluencers
Pflücke, Felix UL

in Oxford BLB (2023)

Financial influencers and content creators, commonly referred to as ‘Finfluencers’, increasingly provide unpaid or paid finance content on social media. This non-expert financial advice can potentially ... [more ▼]

Financial influencers and content creators, commonly referred to as ‘Finfluencers’, increasingly provide unpaid or paid finance content on social media. This non-expert financial advice can potentially cause significant financial and non-financial harm, especially for financially illiterate consumers. A Financial Conduct Authority study revealed low financial literacy levels among retail investors. For example, 38 per cent of surveyed investors could not list a single reason for investing in their top three investments, with most investors relying on rules of thumb and gut instinct. The shocking findings of the FCA study partly inspired my article Regulating Finfluencers. My paper investigates the practices and business models of Finfluencers and how EU law, three national jurisdictions (the UK, Luxembourg, and Germany), and five social media platforms govern their activities. The primary aim is to comprehend the activities and regulation of Finfluencers and to critically examine whether the current framework adequately protects consumers. [less ▲]

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See detailThe Limits of Consumer Law in Pursing Sustainability
Pflücke, Felix UL

in Nowag, Julian (Ed.) Research Handbook on Sustainability and Competition Law (2023)

This Chapter critically examines the limits of consumer law in pursuing sustainability. It uses the case of consumer sales of goods contracts, commercial communications and other marketing practices, and ... [more ▼]

This Chapter critically examines the limits of consumer law in pursuing sustainability. It uses the case of consumer sales of goods contracts, commercial communications and other marketing practices, and financial products and services to depict the potential and limitations of the current and proposed measures. The Chapter demonstrates that some consumer law provisions contradict consumer theories and scientific studies and provides targeted and actionable policy recommendations to address these deficiencies. [less ▲]

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See detailRegulating Finfluencers
Pflücke, Felix UL

in Journal of European Consumer and Market Law (2022), 11(6)

The accessibility of investment advice on social media platforms has significantly increased in recent years. Finance influencers and content creators, so-called ‘Finfluencers’, provide their audience ... [more ▼]

The accessibility of investment advice on social media platforms has significantly increased in recent years. Finance influencers and content creators, so-called ‘Finfluencers’, provide their audience with unpaid or paid financial advice on social media, featuring investment strategies relating to meme stocks, contracts for difference trading, or cryptocurrencies. This article examines the practices and business models of Finfluencers as well as how EU law, three national jurisdictions (Luxembourg, Germany, and the UK), and five platforms regulate their activities. The underlying objectives are to understand the activities and regulation of Finfluencers and critically analyse whether the current framework sufficiently protects consumers. [less ▲]

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See detailThe Implementation of the EU Directives 2019/770 and 2019/771 in Luxembourg
Pflücke, Felix UL

in Journal of European Consumer and Market Law (2022), 11(3)

The Loi du 8 décembre 2021 transposed the EU maximum harmonisation Directives 2019/770 (DCD) and 2019/771 (SGD) into the Luxembourg Consumer Code (Code de la consommation). As required by the two ... [more ▼]

The Loi du 8 décembre 2021 transposed the EU maximum harmonisation Directives 2019/770 (DCD) and 2019/771 (SGD) into the Luxembourg Consumer Code (Code de la consommation). As required by the two Directives, the new rules are effective as of 1 January 2022 and replace previous national rules that transposed the minimum harmonisation Consumer Sales and Guarantees Directive 1999/44/EC. It is worth noting that Luxembourg decided not to ‘gold-plate’, that is enacting rules that go beyond an EU Directive’s minimum harmonisation standard, when implementing Directive 1999/44/EC. This report will thus demonstrate that the national rules transposing the Directives grant Luxembourg’s consumers new statutory protections. The underlying objectives of this report are to briefly examine the level of consumer protection prior to the adoption of the two Directives and to map subsequent changes. This includes whether Luxembourg decided to exercise its discretion regarding the optional provisions of Directive 2019/771, in particular Articles 3(5) and (7), 10(6), 11(2), 12, and 17(4) of the Directive. Section II of this report examines the personal and material scope as well as new definitions, Section III rules on conformity, liability, and burden of proof, Section IV remedies, and Section V commercial guarantees. Section VI concludes the report. [less ▲]

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See detailE-Commerce Regulation and Trader Compliance: A Comparative and Empirical Inquiry
Pflücke, Felix UL

Book published by Oxford University Bodleian Libraries - 1st (2022)

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See detailMaking influencers honest: the role of social media platforms in regulating disclosures
Pflücke, Felix UL

in Ranchordas, Sofia; Goanta, Catalina (Eds.) The Regulation of Social Media Influencers (2020)

This chapter examines the rules applicable to influencer marketing, and whether the five selected social media platforms (YouTube, Facebook, Instagram, Snapchat, and Pinterest) themselves comply with the ... [more ▼]

This chapter examines the rules applicable to influencer marketing, and whether the five selected social media platforms (YouTube, Facebook, Instagram, Snapchat, and Pinterest) themselves comply with the relevant legal obligations. The first part elucidates the laws governing hidden marketing in Germany and the United Kingdom, in particular the implementing laws and associated case law under the Unfair Commercial Practices Directive. It then compares and assesses the platforms’ standard terms by deploying an empirical legal approach, namely content analysis. It is revealed that some platforms comply almost entirely with the determined rules, while others do not address disclosures at all. The chapter argues that platform governance through private regulation is suitable to address some of the concerns of hidden influencer marketing, but that a multifaceted approach is necessary, building upon the wealth of policy options considered by European and national regulators. [less ▲]

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See detailThe European Convention on Human Rights
Pflücke, Felix UL

in Fredman, Sandra; Prassl, Jeremias (Eds.) Joint Employers and Agency Workers: A Comparative Report Prepared for the Independent Workers’ Union of Great Britain (2017)

This Chapter critically examines the underlying rules on joint employers and agency workers. It focuses on the European Convention on Human Rights, the ECHR case law, and its impact on UK law.

Detailed reference viewed: 14 (2 UL)