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Friday, 3rd October 2014

UK: Social Media and Customer Communications: The FCA’s Supervisory Approach to Financial Promotions in Social Media

Source: Financial Conduct Authority (UK)

From the Introduction:

Firms’ use of digital channels to communicate with their customers is not a new development. As far back as 2010, the Financial Services Authority (FSA) published guidance on the use of these media. However, digital media are now becoming the media of choice in many cases for customer communications and specifically for financial promotions. More particularly, firms are using, or wanting to use, social forms of digital media (social media) for their communications with customers.

A number of these media have character limitations which can constrain their use. We are aware that in some circumstances firms may legitimately want to use certain media but perceive difficulties in complying with some of our rules, particularly with our financial promotion rules.

The statement set out in chapter 2 of 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, including its character-limited forms. We propose this as guidance to help firms understand how they can use these media and comply with our rules. Some of this proposed guidance will be relevant also to broadcast and print media.

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Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

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