FCA publishes Finalised Guidance on Social Media and Customer Communications
Further to the IPA Legal & Public Affairs Department alert in August last year, which can be seen here, the Financial Conduct Authority has now published its Finalised Guidance on Social Media and Customer Communications.
The key messages are:
- All communications must be clear, fair and not misleading
- Promotions must comply with the CAP Code (which applies to non-technical elements of financial advertising) as well as sector specific rules
- Promotions should be balanced so that consumers are made aware of the potential benefits as well as the relevant risks of financial products
- Firms should consider the appropriateness of character-limited media and the option of signposting to more detailed information held elsewhere or image advertising
- Certain products/services require risk warnings which apply across all media
- Additional rules will apply to unsolicited promotions
Richard Lindsay, IPA Director – Legal & Public Affairs, says, "The FCA guidance gives useful examples of compliant/non-compliant communications, including on platforms such as Twitter and Instagram. It also contains helpful pointers to other sources of information to assist advertisers in ensuring their promotions are compliant in a complex sector."
Last updated 16/03/2015