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Spruce Up Your Social Media Policies: Hearsay

Advisers need clarity in how to use social media to their advantage, Yasmin Zarabi has said.

The vice-president of legal and compliance for Hearsay Social, a firm that encourages social media use among financial advisers, claimed that few advisers were fully conversant with it.

She pointed to research carried out by Hearsay Social last year, which found that, while 58 per cent of UK financial advisers used social channels for business, only 25 per cent stated their employer had a policy governing its use.

Therefore she welcomed recent moves from the FCA, which released guidance earlier this month on how social media should be used by financial services firms and their employees.

Under the FCA’s new rules, tweets will be considered standalone promotions, even when they are used to link to a website.

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