(Image source: Visual China)
Blue Whale News, 9 29: (Reporter: Chen Xiaojuan) "The platform's review of financial product content has become much stricter. Without financial qualification certification, videos simply can't be posted. The review wasn't this tight before," admitted Lin Xin (pseudonym), a finance professional.
According to Lin Xin, in compliance with her insurance brokerage firm's regulations, she has completed professional qualification certifications for Xiaohongshu and WeChat Channels. Any Douyin accounts without certification will be limited to educational content only.
"We've made significant adjustments to our live streaming operations. Earlier, we had several external partnerships, but all partners without proper qualifications have been discontinued. Over the past one to two months, we've reassigned staff to support live streaming activities to meet licensing and compliance requirements," said the head of marketing at an insurance company.
Behind the simultaneous regulatory tightening by licensed financial institutions and internet platforms is a comprehensive upgrade in oversight of online marketing for financial products, driven by the "Administrative Measures for Online Marketing of Financial Products" (hereinafter referred to as the "Measures"), which will take effect on 9 month 30.
However, reporters noted that some unqualified "wild财经experts" are seeking gray channels to obtain account verification. Related illicit operations are exploiting this by selling non-compliant services. Some intermediaries sell titles like "visiting professor," with prices ranging from several thousand to over 100,000 yuan, offering a full package of services including appointment letters and official website announcements. Others are selling access channels for affiliation with financial institutions, starting at just a few thousand yuan.
Compliance anxiety spreads among financial bloggers; gray-market operators seize the opportunity to exploit the situation.
With the new regulations imminent, financial influencers on social media are expressing intense compliance anxiety. Discussions continue to rage around qualification requirements, institutional affiliations, and boundaries for content creation.
This anxiety is well-founded. A reporter discovered in a financial broadcaster chat group that nearly all of the 100 members had been banned by the platform; accounts still operating have mostly completed financial qualification certification.
Completing financial qualification certification does not guarantee "peace of mind." A Xiaohongshu blogger with securities investment advisory qualifications, affiliated with a licensed institution, reported in the group that their account was restricted for 7 days. The platform's penalty notice flagged the account as "involving high-risk investment risks," resulting in reduced promotion for both new content and historical posts.
Licensed investment advisory accounts are also subject to stricter inspections, reflecting the platform's tightened risk controls just before the new regulations take effect.
As regulatory oversight tightens, gray-area demands emerge. On Xianyu, reporters observed numerous users posting to find compliant "shortcuts."
"Are there any reliable挂靠 agencies? Let's discuss." Posts seeking挂靠 have flooded the platform.
Following the lead, a reporter contacted gray-market intermediary A, who offers financial qualification certification services.
User A claimed on WeChat Moments that they can handle multiple services, including obtaining the Douyin Fund Yellow V badge, the Video Account Financial Science Communication verification, and the Xiaohongshu Insurance Professional certification.
According to Xiao A, the individual account fee for Xiaohongshu's insurance practitioner qualification certification is 1500 yuan. Of this amount, 300 yuan covers fixed costs for purchased materials and is non-refundable regardless of whether the certification succeeds. The payment process requires a 50% deposit upfront, with the remaining balance due upon completion of certification. The method involves using information from an insurance practitioner with the same name as the client to falsely certify their identity. Even if the actual person has already been certified on the platform, it will not affect the client's account. Qualification slots are allocated on a first-come, first-served basis, and certifications are valid for one year. Xiao A also noted that since Xiaohongshu's service is newly launched, its pricing is higher. Similar services on WeChat Channels and Douyin cost 1200 yuan.
A sample screenshot provided by Xiao A to the reporter shows that the Xiaohongshu account homepage is labeled with an "Insurance Professional" verification.
Upon reviewing one of the accounts, a reporter noticed an anomaly: although the account holder holds insurance qualifications, they posted multiple market analyses on stocks, such as "Despite initial divergence in the tech sector, the buying support is strong. This appears to be healthy divergence, and capital will continue flowing back into tech sub-sectors, driving a rotation of strength across various branches."
In the comments section, some users also sought investment advice from this account.
Additionally, some intermediaries are exploiting this situation to push another so-called "compliant path"—the title of adjunct professor. Certain agents post that the new regulations are imminent, leaving financial bloggers with only two viable options: obtaining a license or pursuing an academic education route—and they offer to handle the issuance of adjunct professor certificates.
A reporter contacted "Xiao K," an intermediary offering illicit services to help individuals apply for guest professor positions. Xiao K showed the reporter a video case study of a finance influencer on WeChat Channels, whose live streaming credentials listed financial literacy qualifications as an expert from a certain university of finance and economics. Xiao K also presented screenshots purportedly taken from the official university website's public announcements.
According to the seller, obtaining this title enables platform science popularization qualification certification and live-stream e-commerce sales. The service includes an offline certificate issuance ceremony; applicants must submit a resume for university review, with a minimum requirement of a bachelor's degree. "Xiao K" stated that all issuing institutions are regular undergraduate universities, excluding 985 and 211. The full package costs between 5 and 6 million yuan. When asked about potential partnerships with universities, the agent replied: "It's not quite a partnership. The universities have needs, and we connect them with people who meet those needs."
Reporters also contacted multiple agencies on Xianyu offering guest professor application services and found that quotes vary widely, ranging from several thousand yuan to over 100,000 yuan.
A broker claimed that a visiting professor certificate could be obtained for over 6,000 yuan, with three years of email-based background checks. However, when asked if credentials could be verified via phone call to the institution, the broker deflected, stating, "The school does not accept phone inquiries." The broker also sent an agenda for a visiting professor appointment ceremony at a 985 institution, quoting a total service fee of 16 yuan.
Another agent offered 6.5 million yuan and admitted that "99% of the certificates for 985 institutions available on the market are fake." Earlier, a small K agent also warned reporters that low-priced packages on Xianyu costing several thousand yuan are not trustworthy; such services only issue documents via school .edu email addresses and mail physical certificates without any genuine or compliant qualifications.
Zhu Junseng, a postdoctoral fellow in applied economics at Peking University and a professor, told Blue Whale News that the aforementioned practice essentially turns identity packaging or license affiliation into a "compliance shortcut." Titles such as "visiting professor" or "researcher" do not equate to financial business qualifications. When used to endorse financial products in marketing, they can lead to false advertising and consumer misinformation. Merely purchasing an affiliation without undergoing actual management amounts to "fake licensing with real operations." If misleading sales or non-compliant marketing occur, relevant individuals, institutions, and platforms may all bear responsibility. He believes effective governance requires stricter qualification verification, registration of marketing personnel, and increased penalties for violations.
Platforms tighten risk controls; institutions intensify compliance campaigns, sparking industry-wide regulatory rectification.
Behind gray-market actors exploiting loopholes, internet platforms and financial institutions are simultaneously advancing compliance reforms.
Major social platforms are continuously upgrading financial content risk controls and intensifying enforcement against non-compliant accounts. Reporters learned that since Xiaohongshu launched its financial ecosystem special governance at the beginning of the year, over the past six months, it has taken action on more than 101 million non-compliant posts, 15.7 thousand+ non-compliant accounts, and over 477 thousand non-compliant comments related to illegal stock recommendations, forged qualifications, illicit cross-border investment marketing, and violations in insurance promotion.
Xiaohongshu recently released the "Community Financial Ecosystem Code of Conduct," clarifying rules for financial marketing: Since finance is a licensed industry, any entity offering financial products on Xiaohongshu must first obtain the required licenses and pass the platform's professional qualification verification. Misrepresentation, affiliation without authorization, or renting/buying qualifications are strictly prohibited. The code also outlines a tiered enforcement approach for violations, including content suppression, removal, or account suspension. In addition, Xiaohongshu commits to self-regulation by enhancing inspection efforts to prevent non-compliant content and artificially amplified extreme market sentiments from being promoted through its recommendation algorithm. The platform will not leverage algorithms to encourage excessive consumption or investment.
Douyin also announced an initiative to deepen governance of its financial ecosystem. In Q3 2026, the platform removed over 4.5 million non-compliant financial posts, suspended more than 1,000 violating accounts, and fully revoked "financial advisor" certifications from 6888 accounts. The platform also launched special campaigns targeting cross-border marketing violations and illegal stock recommendations and forex trading.
Zhu Junsheng believes that the platform's tightening of financial account management before the implementation of the Measures is essentially a precursor to regulatory compliance. In the past, online financial marketing relied heavily on traffic logic; moving forward, it will shift toward qualification-based and liability-based approaches. Platforms will no longer serve merely as traffic channels but must also assume responsibilities for credential verification, content moderation, and risk control. Opportunities for unlicensed operations, borderline marketing, and identity packaging will be significantly curtailed.
As platforms tighten risk controls, financial institutions are intensifying compliance outreach. In the insurance sector, reporters' extensive research reveals that multiple insurers and intermediaries are reinforcing compliance boundaries for brokers and agents while urging them to complete financial qualification certifications.
A senior representative of an insurance brokerage told Blue Whale News that as the new regulations approach, the firm has tightened compliance management by issuing an internal bulletin via email. The notice repeatedly emphasized the ban on online business operations for brokers and prohibited non-compliant marketing. "We have always prioritized the qualification management of online accounts and were among the first to complete Xiaohongshu's insurance practitioner certification," the representative said.
According to the official, all individuals who have verified their affiliation with the organization on social media are current employees. However, given the vast number of broker accounts, it is difficult for the organization to conduct detailed content reviews on each one; labeling content as "personal opinion" further complicates oversight. That said, if any non-compliant content is identified, the company will immediately require brokers to remove and rectify it. In serious cases, the business department will terminate the agency partnership in accordance with internal policies.
According to Zhu Junsheng, the Measures' impact on internet insurance extends beyond adding compliance requirements; it drives a structural shift in the industry's marketing model. Internet insurance is transitioning from a traffic- and conversion-dependent approach to one centered on licensed operations, compliant marketing, and long-term customer engagement. He believes third-party platforms will evolve from mere "sales channels" back to "marketing and information service channels." Product comparisons, personalized recommendations, and algorithmic marketing by these platforms will enter a more regulated phase. Additionally, live streaming, short-video, and social media marketing may change significantly, with previously common sales scripts facing strict constraints. Consequently, insurers' customer acquisition strategies and business logic could also undergo transformation.
"The 'Measures' essentially redraw the boundaries of internet insurance marketing. The roles and responsibilities of platforms, insurers, and agents will become increasingly clear. Models that rely on traffic, persuasive scripts, and algorithms to drive sales will gradually fade. In the future, what truly matters is product value, information transparency, service professionalism, and whether insurers can turn a single transaction into a long-term customer relationship," said Zhu Junsheng. (Blue Whale News, Chen Xiaojuan chenxiaojuan@lanjinger.com)
