The Financial Conduct Authority (FCA) recognises that social media are powerful channels of communication which are of significant value to firms and do not want to prevent their use.
As a result the FCA have guidance on financial promotions in social media. This follows detailed engagement and consultation with the industry.
The guidance is designed to assist firms in their use of social media and ensure that they are compliant with the FCA’s financial promotion requirements.
Tracey McDermott, FCA Director of Supervision and Authorisations, said :“Social media is already an important tool for industry to engage with customers and its use is only likely to grow.
“Financial promotions, whether on social media or traditional media, must give customers the right information and meet our requirements to be fair, clear and not misleading. We have had extensive industry feedback during our consultation.
“We believe this guidance reflects a sensible approach that allows the industry to innovate using new forms of media and at the same time ensures customers get the right level of protection.”
For the full FCA guidance go to: