We invite views on the proposed guidance which intends to clarify our approach to the supervision of financial promotions in social media, including its character-limited forms.
Why are we publishing guidance on this?
Digital and, in particular, social media are now becoming the media of choice in many cases for customer communications and specifically for financial promotions. We see positive benefits from using social media but this has to be based on compliance.
A number of these media, however, have character limitations which can constrain their use. We are aware that in some circumstances firms may want to use certain media but perceive difficulties in complying with some of our rules, particularly with our financial promotion rules.
This Guidance Consultation is intended to:
- clarify and confirm our approach to the supervision of financial promotions (as defined in the legislation) in social media
- help firms understand how they can use these media and comply with our rules
- remind firms that our rules are intended to be media-neutral to ensure that consumers are presented with certain minimum information, in a fair and balanced way, at the outset of firms’ interaction with them
- set out specific areas that firms need to consider, and provide some solutions and illustrative examples
Who does this guidance affect?
Those in the regulated community using, or wanting to use social media for their communications with customers.
What are the next steps?
This consultation has closed. Finalised Guidance (FG15/4) was published in March 2015.