SIC of Colombia opens an investigation into four well-known influencers on social media for alleged misleading advertising

As consumer protection authority in Colombia the Superintendence of Industry and Commerce (SIC) opened an investigation for alleged misleading advertising against the companies YINA CALDERÓN S.A.S., GRUPO COSSIO S.A.S., LCOMPANY S.A.S. and CUATRO 44 INVERSIONES S.A.S., owned by influencers Yina Calderón, Yeferson Cossio, Luisa Castro and Mariam Obregón, respectively.

In the case of YINA CALDERÓN S.A.S. it is presumed that the influencer did not comply with the orders issued by the SIC on August 2022 to provide clear, truthful, sufficient, timely, verifiable and accurate information to consumers on delivery times, exchange policy and right of withdrawal of the promoted products.

Regarding GRUPO COSSIO S.A.S. a possible misleading advertising was evidenced since the influencer apparently made objective statements, but without support, about the results of the course "Cossio Method" which as advertised was intended to teach how to monetise on social networks and whose only support was his own experience.

As for LCOMPANY S.A.S. and CUATRO 44 INVERSIONES S.A.S. the SIC found that apparently the influencers Luisa Castro and Mariam Obregón did not comply with the requirements made by this Authority to submit the advertising issued on the money collection services they promoted through their social networks, nor did they inform about their business relationship with the advertiser to promote such services, which could mislead consumers.

If the violations of consumer rights are confirmed, each of the offending companies would face fines of around COP $2,320,000,000.

Read more about it (in Spanish) here