The FCA has recently released guidance on the appropriate use of social media for financial promotions. The clear and continuously hammered home message from the regulator was that a financial promotion must be ‘fair, clear and not misleading’.
“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,” FCA director of supervision and authorisations, Tracey McDermott.
The FCA has recently released guidance on the appropriate use of social media for financial promotions. The clear and continuously hammered home message from the regulator was that a financial promotion must be ‘fair, clear and not misleading’.
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So what exactly does ‘fair, clear and not misleading’ entail when it comes to promoting your financial products on social media?
Here are the main take-outs from the 20-page document:
The main consideration when promoting on social media is to stay factual. If you keep to the facts and make sure potential customers are aware of any risks, then you cannot go too wrong.
An online retailer of mobile device repairs and replacement parts
It is important to note that the above is not a full list and we would recommend that anyone affected by the above reads the full guidance documentation on social media promotions before promoting a financial product or service on social media.
If you need help with anything mentioned in this blog post, or want to promote your financial product or service on social media, please get in touch.
by Darren Coleshill, 5 minute read
by Darren Coleshill, 2 minute read