The FCA paper, FG 15/4: Social media and customer communications underlines the supervisory approach to financial promotions in social media, as Nicky Young explains.
The FCA has just published its finalised guidance on social media and customer communications, specifically covering the FCA’s expectations of firms and its supervisory approach to financial promotions in social media.
The finalised guidance is primarily aimed at firms’ use of social media when issuing financial promotions, but offers guidance around when a communication is or isn’t a financial promotion and the approach to take with sharing/retweeting a communication.
Key points for marketing and communication professionals working in financial services are:
- to ensure all client communications are clear, fair and not misleading
- that it is clear who the intended audience of a communication is, whatever medium is used
- if a communication could be shared/retweeted etc, ensure this is borne in mind when assuring its compliance with the clear, fair, not misleading requirement. See section 5 of the finalised guidance for more on this.