The FCA’s social media and customer communications paper consultation paper outlines its supervisory approach to financial promotions in social media.
- Clear, fair and not misleading content – financial promotions on social media must contain warnings so everyone understands the risks associated with the promoted products or services.
- Re-tweets, forwarding and sharing – when content is being forwarded or shared the responsibility lies with the communicator. However, breaches in the original content remains under your business’ responsibility
- Inserting images – the inducement and balancing statement/risk warning needs to be within an inserted image
- #Ad – financial promotions are no longer required to use #Ad to distinguish promotional content from non-promotional content
- Hashtags – FCA states that hashtags are not appropriate in financial content on social media
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom, operating independently of the UK government. The FCA regulates financial firms providing services to consumers and aims to make financial markets work well so that consumers get a fair deal. It focuses on the regulation of conduct by both retail and wholesale financial services firms.