FCA launches consultation on social media

The Financial Conduct Authority (FCA) has launched a consultation on the use of social media by regulated firms, after outlining its expectations of companies when communicating with customers via channels such as Twitter.

Promotions for investment products must be identifiable as such, the regulator said, and, for character-limited media, it suggests the use of the phrase #ad. It is consulting on its expectations and wants feedback from firms by November. In a guidance consultation paper published today, the FCA reinforced its position that its financial promotion rules are intended to be "media-neutral" and guided by the "overarching principle that any communication should be fair, clear and not misleading", while alerting consumers to relevant risks. The FCA wants feedback on its requirements in f...