Financial industry group sets social media rules

The Financial Conduct Authority has instructed that any communication about a promotion must be ‘fair, clear and not misleading.’

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Financial services companies have new guidelines to follow in social media.

The Financial Conduct Authority (FCA) has released its guidance on financial promotions in social media after “detailed engagement and consultation with the industry.”

Details of the FCA’s guidance were published in a press release last week.

There are some inherent difficulties for financial institutions when it comes to social—namely, conforming to best practices that dictate brevity, while adhering to the FCA’s insistence on clarity.

From the FCA press release:

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