The Financial Conduct Authority (FCA) has clarified what it deems the right and wrong use of social media for financial promotions - and takes a particularly strict stance on Twitter retweets.
Having about-turned on a suggestion all firms should qualify promotional posts on Twitter with '#ad', the regulator said instead its long-standing principle of communicating in a 'fair, clear and not misleading' way takes precedence. Firms, including advisory businesses, should consider whether character-limited media - like Twitter - is appropriate for promoting complex features of financial products or services, it said. The FCA said: "All media have their constraints. Advertisers in all sectors, not just financial services, have to work within the constraints of the medium chosen."...
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