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Improving efficiency and protection with new social media compliance enhancements

As head of legal and compliance at Hearsay Social, it is important to me that we continually provide cutting-edge improvements to the Hearsay Social platform to make the jobs of our compliance and supervision users easier.
Today we announced new enhancements to our compliance capabilities, and I want to share some of the key focus areas for these enhancements.

Streamlining the review and publishing process for static content

Request-Changes-to-Profile-Teal_NEW (1)FINRA sees social media profiles as “static” content and categorizes this content as “advertisements,” meaning profiles require pre-approval by a firm’s principal before they are published. Because we know this review process is a heavily used area of the Hearsay Social platform, we’ve created a new streamlined social profile review, approval, and publishing solution to make it even easier and more efficient for financial professionals to publish compliant profiles.
Many of our customers in highly regulated industries are already using this new profile solution, and I’m happy to report we’ve received extremely positive feedback. With one of the first implementations of the new LinkedIn API, Hearsay Social can now automatically publish approved profile content directly to the network. For supervision professionals, this new functionality ensures public profiles match what they have approved, minimizing risk for the organization and easing compliance for profiles. Plus, it saves advisors and agents the time and headache of having to update their profile manually after new content has been approved.

More pre-approval functionality for dynamic content

We heard from some of our customers that they wanted a better way to pre-approve dynamic social activity from advisors and agents. With recent enhancements, Hearsay Social now lets supervisors pre-approve social engagements such as Likes or comments before they go live on the social networks.

Archive support for photos

An effective social business program is not just text-based. In order to help our customers take advantage of all types of social content, we now provide the ability for firms to archive photos posted by agents and advisors through the platform. This ensures they’re capturing this type of activity in their records, even if it is deleted or removed from the social network at a later date.

Increasing context for improved efficiency

In addition to delivering a new static profile solution, we have added more note and attachment fields so supervision users can share comments or context with each other or advisors during the supervision process. These new fields are also pushed to the archive systems so that complete context is available upon record review. In addition, Hearsay Social now provides enhanced searching and sorting to supervision users so that they can be even more efficient when reviewing or auditing social business activities of agents and advisors.
We hope these enhancements will make our customers’ jobs easier and their social business programs more effective and compliant. Please feel free to reach out to me directly if you’d like more information about the new solutions above or other functionality of the Hearsay Social platform.
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For wealth managers in Asia-Pacific, digital, mobile, and social will be crucial to meeting client expectations

The same trends driving rapid adoption of mobile and social technologies in North America and Europe are not only playing a role in Asia-Pacific as well, but they’re actually even more impactful there.
Asia-Pacific Wealth Report 2014
For example, 82% of high net worth individuals (HNWIs) in Asia-Pacific (excluding Japan) expect most or all of their wealth management relationship to be conducted through digital channels in five years, in contrast to 61% of HNWIs in the rest of the world, according to the Asia-Pacific Wealth Report 2014 recently released by Capgemini and RBC Wealth Management. Not only that, but the study found that Asia-Pacific HNWIs across all ages and wealth levels will increasingly demand mobile and social technologies for interacting with wealth managers.
According to Jean Lassignardie (Chief Sales and Marketing Officer, Capgemini Global Financial Services, @jlassig):

“The risk of not getting digital right is high for wealth management firms in Asia-Pacific, as its high net worth individuals are distinguishing themselves as more digitally-minded than their peers in the rest of the world. Asia-Pacific wealth management firms will need to offer a deep, multi-channel experience that takes into account regional variations in order to meet these high expectations.”

Of course, social media is especially crucial to the younger generation. Over half of Asia-Pacific HNWIs under the age of 40 indicate social media as an important channel for their wealth management relationship. The Asia-Pacific wealth manager should share that perspective, especially since Asia-Pacific HNWIs are already openly sharing information about themselves on social networks, which will be a useful resource for the digital-savvy financial professional.
To further explore Asia-Pacific’s wealth management climate and how the digital movement will play a part, download the free 52-page Asia-Pacific Wealth Report 2014.
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#HSonAir Employee Spotlight Series: Interview with Yasmin Zarabi of Hearsay Social

YZ_L-copy-squareIn episode 11 of Hearsay Social On the Air we continue the employee spotlight series by introducing our in-house legal and compliance specialist Yasmin Zarabi (@yasminzarabi).
After hearing a bit about Yasmin’s background, we discuss the current state of social media in financial services and our participation at FINRA’s Advertising Regulation Conference in Washington, D.C. last month.  Join the conversation with @VictorGaxiola and @RonnyKerr on Twitter using hashtag #HSonAir.
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Teaming up with ZL Technologies to continue offering successful and compliant social media initiatives

ZL Vertical Logo Big ZLToday we’re proud to announce that we’ve partnered with ZL Technologies, a leader in enterprise-class information governance, to enable our joint customers to roll out successful and compliant social media initiatives.
This strategic partnership pairs Hearsay Social with ZL’s Unified Archive® (ZL UA), making it easy to manage corporate social media activity for legal, compliance, storage, and records lifecycle needs. The result is a seamless experience where enterprise social media activity across multiple social networks can be granularly screened and preserved for compliance.
Kon Leong, CEO of ZL Technologies, commented on today’s news:

“Social media is no longer a novelty: it is an essential business tool with its own ROI and metrics. But in regulated sectors, compliance requirements and real-time social interaction have traditionally been seen as contradictory. We’re excited that our partnership with Hearsay Social opens new doors for clients to leverage the full breadth of social engagement while still exceeding stringent regulatory demands for information governance.”

Earlier this year, we expanded our partnership program with global leaders in security and compliance. We’re happy to now be working with ZL Technologies to better serve our joint customers in the financial services industry.
We’re committed to helping firms address regulatory compliance at scale while leveraging their existing investments in technology and compliance.
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Advisor use of social media matures, regulatory requirements are still a challenge: Recap from #SIFMAsocial

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Last week we attended the sold out SIFMA Social Media Seminar in New York City, a one-day event in the heart of Wall Street that brings together experts from a variety of business roles including marketing, business, compliance, and legal, as well as financial advisors, to discuss the expanding use of social media for financial services.

Major themes from the conference included:

  • The financial services industry has greatly advanced its use of social media in recent years, but there is still a lot of opportunity for social media to impact the business.

  • Interpreting regulatory and compliance requirements continues to be a challenge for firms and financial professionals.

  • Social media can be a truly valuable tool for advisors and branches to build their business, especially if they leverage it to expand their client base in a target niche.

Michael Lock (President & COO at Hearsay Social, @michaelhlock) kicked off the seminar with a lively perspective on technology trends and how consumer expectations are changing. In his session, Michael shared some ways in which financial professionals are using social media to build customer relationships. Harking back to a lesson familiar for every good salesperson, he reminded us that social media is about listening first. OnWallStreet author Andrew Welsch (@AndrewWelsch) published a great recap of Michael’s session here.

Here are more key takeaways from the event:

Updates from the social networks

The next session was a panel moderated by Mike White (CMO at Raymond James, @MikeRJF) with financial services industry leaders from LinkedIn, Twitter, and Facebook. Mike set the stage with learnings from a roundtable conversation that a group of SIFMA members had shared the day before: “We’ve come a long way over the past few years, but there is still a lot of opportunity,” he said, however, noting “the importance of not looking to social media as a standalone panacea. […] The most successful advisors and firms are looking at it as a piece of an overall marketing program.”

The following conversations from the respective social networks followed these same themes. Some of their insights included:

  • Brad Murphy (Client Partner, Financial Services Vertical at Facebook) described how the Facebook platform has evolved over the past 18 months. Although many business owners have seen a decrease in the organic reach of their pages, Facebook has greatly expanded its targeting ability with its evolving advertising program. Brad specifically referenced new data partnerships, such as with Acxiom, that help financial professionals reach exactly the audience they’re targeting.

  • Jennifer Grazel (Head of Category Development, Financial Services at LinkedIn, @jgrazel) provided insight into the core pillars of focus for LinkedIn: “identity, network and knowledge.” She also explained how the network’s continued push into content publishing and sharing is intended to support the “knowledge” pillar. In addition, she said that LinkedIn’s acquisition of Bizo will support the company’s plans to enable marketers to run nurture programs.

  • Michael Wong (Head of Financial Services at Twitter, @mw145) said that when it comes to content, timing and quality is more important than frequency and volume, citing Vanguard and Motley Fool as two organizations that excel at sharing good content during volatile times. He also predicted that, going forward, the focus will be on developing a mobile experience for end users as well as better analytics to measure effectiveness of campaigns and activity.

Static vs. dynamic content and other regulatory requirements

In the second panel, “Navigating The Web of Social Media Regulation,” Rick Apicella (Morgan Stanley Wealth Management), Thomas Selman (FINRA), Doug Preston (Bank of America Merrill Lynch), and Melissa Callison (Charles Scwhab) discussed the regulatory requirements that govern social media use.

Selman, who is responsible for advertising policy at FINRA, summarized how the regulatory authority thought about social media. They “took a principles-based view of social media,” he said, in order to write regulation that would not have to be changed every time the technology changed. And they “tried to leverage existing rules and terminology” wherever possible instead of introducing new terms. This approach lead to FINRA Regulatory Notices 10-06 and 11-39, which directly address social media.

Supervision and review requirements for social media address two key content categories: “static” content and “dynamic” content. FINRA requires that all static content be pre-reviewed before it is published, and therefore what is categorized as dynamic or static is often a hot topic in conversation amongst legal and compliance professionals.

At this event, Thomas Selman notably commented that “a case can be made for why a tweet is considered dynamic content.” Somebody from the audience even asked him to repeat this because this opinion was in contrast to other interpretations of the regulation that we’ve heard.

“Content is king, and context is queen”

After spending the first half of the day discussing mostly advisor use of social media, the panel “Social Media Strategy & Use at the Corporate Level” specifically zeroed in on corporate and brand use of social media.

Ruth Papazian (HD Vest Financial Services) moderated a discussion with Joe Corriero (Bank of America Merrill Lynch), Kraleigh Woodford (UBS Wealth Management Americas), Jon Pauley (Ameriprise Financial), and Melissa Socci (LPL Financial). This conversation kept coming back to the importance of content, with each team member describing how their respective organization sources, develops and distributes content.

It was especially interesting to hear how firms of different sizes deal with the challenges of creating social content. Joe Corriero, for example, said that Bank of America Merrill Lynch created a “social media newsroom,” which is a regular meeting bringing together all the disciplines (including research, marketing, legal and compliance) to brainstorm and plan their content timelines. And sometimes internal teams aren’t enough. For example, Melissa Socci explained that they occasionally turn to contractors to create additional content pieces like infographics for social media because their traditional, print-first content team doesn’t have quite the right skillset for that. With a much leaner team, Ruth Papazian and her team rely upon the integration of Trapit and Hearsay Social to curate a regular stream of social media content.

Kraleigh Woodford from UBS Wealth Management Americas pointed out that, in additional to the common adage “content is king,” “context is queen.” Kraliegh argued that “it’s the ‘why do I care’ factor” that leads to successful social content. Companies don’t have a shortage of content but they have to be thinking about what people want to consume through social media; feeding them the wrong content, like “linking to a 60-page report,” might not be the be the most effective strategy.

When it comes to a corporate presence and approach to social media in financial services, Melissa Socci said it best: “We are not social media marketing, we are marketing in a social media age.”

Social media strategies for financial advisors and client communication

In the second panel moderated by Mike White (CMO at Raymond James, @MikeRJF), five financial advisors representing Raymond James Financial, Wells Fargo Advisors Financial Network, Ameriprise Financial, LPL Financial, and Robert W. Baird & Co. shared some of their most successful social media strategies for enhancing communication with clients and prospects.

One theme that stood out? Each of the panelists has found success using social media a little bit differently–depending on their target clients, location, and team structure.

Evan Shear (Branch Manager with Raymond James Financial) uses social media to stay up with what is happening in the lives of his client. One anecdote he shared: he saw via social media that his client had lost a family pet, and so he sent a thoughtful sympathy card and gift. Fueled by what he learns through social media, according to Evan, this type of activity strengthens client relationships and builds deep client loyalty.

Charles Camilleri (Financial Advisor with Ameriprise Financial Services) uses social media to stay top of mind and to get the word out to his extended network that he is a financial advisor. Within a week of using social media for business, Charles got a new client referral from a friend of a friend, simply due to the fact that they learned Camilleri’s profession after connecting on LinkedIn.

In addition to the financial advisors on the panel, Dan Swift (Director of Financial Services at LinkedIn, (@danjswift) shared insights into social selling and some of the exciting functionality that LinkedIn Sales Solution provides to help financial professionals. Dan described how LinkedIn Sales Navigator solves for the “now what?” feeling that often accompanies users who are new to social media. He recently spent three months on the road training 160 advisors on social selling with LinkedIn, and they saw some amazing success. Within that same time period, a subset of those financial professionals won over $100 million in new investable assets–impressive ROI for a program that was just getting started!

With the various success stories that can be correlated to a social presence, we think financial professionals would do well to take advice from one other participant on the panel, Jamie Cox (LPL Financial): “You don’t have time to not be on social media.” We would agree.

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Zurich Insurance Group collaborates with Hearsay Social in Germany, Austria, Spain, and more

zurich-logo1Today we’re proud to announce that Hearsay Social has collaborated with Zurich Insurance Group, a leading multi-line insurer that serves its customers in global and local markets, to empower their agents across Europe on social media.

(Read the news in French / Français or German / Deutsch.)

178 million people in Western Europe, or 2/3 of all Internet users, will be regularly participating on social networks by the end of 2014, according to data from eMarketer. It’s clear that social media is increasingly becoming a crucial way for insurance agents to connect with customers.

According to Monika Schulze, Global Head of Brand Marketing of Zurich Insurance Group:

“Today and over the next several years, digital technologies will become an increasingly important driving force for our thousands of agents around the world. Our global relationship with Hearsay Social allows us to empower our agents to excel on social networks and connect with customers.”

Using Hearsay Social, Zurich agents can now compliantly share content and build relationships with current and prospective clients across the social networks. After kicking off its social media project in Germany, Zurich is now rolling out Hearsay Social to multiple countries, including Austria, Spain, and others.
Michael Holzapfel, Digital Strategist at Zurich Germany, explains:

“We are proud of the successes we have seen working with Hearsay Social in Germany, which we have now expanded to other countries in Europe. Through the social business program so far, we have been able to drive marketing.”

We’re very excited to help develop the social media program at Zurich Insurance Group, and we look forward to empowering Zurich’s insurance agents to reach even greater successes as they expand the program across Europe!
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Social media compliance updates from the 2014 FINRA Advertising Regulation Conference

Earlier this month, Hearsay Social participated in FINRA’s Advertising Regulation Conference in Washington DC, where we heard regulatory updates, rule clarifications, and practical guidance on social media compliance from FINRA and industry experts.

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The Hearsay Social team at the 2014 FINRA Advertising Regulation Conference.

Once again, social media compliance took center stage as FINRA dedicated two sessions to highlighting the adoption of social media in the financial services industry and the evolution of social media regulation.

At the panel on “Social Media, Digital Communications and Compliance,” the packed audience was eager to hear from Joseph Price (SVP & Counsel, FINRA Corp Financing & Advertising), Amy Sochard (Sr. Director, FINRA Advertising Regulation), Shayna Beck (Senior Manager, Corporate Communications, Vanguard), and Ted Newton (Assistant VP, Advertising Review, MassMutual).

FINRA AdReg panel
Amy Sochard, Ted Newton, Shayna Beck, & Joe Price talk social media compliance at FINRA’s Advertising Regulation Conference.

Some of the key topics and takeaways included:

Interactive vs. static content

FINRA recognizes that not all communications with customers require pre-approval.  Only content categorized as “static” requires pre-approval, as opposed to “interactive” communications, which should be monitored for compliance. In the session, FINRA addressed some of the confusion around what is defined as interactive content. FINRA explicitly stated that content published in a way that allows for other users to comment on, reuse, or “like” to be considered as interactive content.

Key takeaway: If a social media post allows for an “action” to be taken by another user, then firms only need to monitor such content.

LinkedIn endorsements

LinkedIn endorsements and recommendations can be problematic for Registered Investment Advisors (RIAs) under the “Testimonial Rule” of the Advisors Act. FINRA rules do not prohibit “testimonials” provided that such recommendations/endorsements are presented with the appropriate disclosures, such as “past performance are not indications of future performance.” In the session, Ted Newton of MassMutual stated that they allow for their financial representatives to list their skills on LinkedIn as long as they are pre-approved by a principal.

Key takeaway: RIAs should refrain from listing their skills on LinkedIn and they should not allow recommendations on their profiles. Insurance agents and broker dealers that are not registered under the Investment Advisors Act have more leeway to publish skills and recommendations, provided that their principal has pre-approved the content and that it is published with the appropriate disclosures.

Mobile

Mobile use of social media is increasingly common, therefore firms should ensure they are addressing this use case. The biggest concern discussed in this session was that the way content is displayed may vary depending on the device. For example, the same social media content viewed on a smartphone might not be truncated or displayed differently in comparison to how it displays through a laptop browser.

Key takeaway: Your social media compliance solution should have a seamless process for ensuring that all social media posts are compliant with FINRA requirements across devices.

FINRA social media sweep

In this session, FINRA shared some results and learnings of the “social media sweep” conducted this past summer. Most firms reviewed were quite conservative in their use of social media but there were still some gaps in supervision and record-keeping. One important learning for firms that did have larger programs and middleware solutions to address compliance was that FINRA had a hard time reviewing and interpreting activity across multiple different data sources.

Key takeaway: Not only do firms need to keep records of social media activity, but records of posts or comments should also be easy to review in the context of the social activity.  

Overall, it’s great to be a part of the continued discussion over social media compliance, but it’s clear that firms still have a lot more opportunity to embrace this channel.

FINRA AdReg poll
Poll conducted in real-time at the 2014 FINRA Advertising Regulation Conference.

Based on a poll of the audience hosted by FINRA at the event, the majority of participants still report the clarity of regulations as the the biggest challenge to firms in adopting social media. Hopefully the clarifications from this session help firms get one step closer to adopting social media.

We have been working with insurance and financial services firms for almost five years, but we’ve still only seen the tip of the iceberg that is the opportunity for financial professionals on social media. More confidence in interpretation of the regulations should help firms move forward.

Your customers are evolving – change your ways! A message to private banking and wealth management

IMG_8119Hearsay Social was recently invited by The Financial Services Forum to attend an event where Mr. Robert Taylor of UK Financial Conduct Authority (FCA) was addressing the private banking/wealth management industry. Robert Taylor is the Head of Wealth Management and Private Banking Supervision at The Financial Conduct Authority.
The early part of Taylor’s talk focused on how the private banking world has not evolved to where the customers are and where they are going. He spoke about how most companies are still focused on finding and retaining the star relationship manager who the company believes will bring the clients. He cautioned that this model was not generating new clients or new revenue but instead is churning old ones.
To hear other key takeaways from the session, read the full post here.
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Transforming customer relationships with social business: Recap from the 2014 LIMRA Social Media Conference for Financial Services

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Victor Gaxiola and Molly Degnan at the LIMRA Social Media Conference in Boston.

In its fifth year, LIMRA’s 2014 Social Media Conference for Financial Services last week provided financial services teams the strategies they need to build relationships, generate sales and recruit new producers with social media.

This year’s presenters shared more real life success stories and tangible strategies than ever before. In particular, there was a heavier focus on successful use of social media by agents and advisors in the field.

Here are the some of the key topics covered throughout the conference:

Advisor use of social media

In contrast to prior years, where it seemed the conference was primarily focused on brand or corporate use of social media, this year’s conference was much more focused on how advisors in the field successfully leverage social business practices.

MassMutual, New York Life, Sun Life Financial, Guardian Life, and other organizations shared stories of how advisors successfully leveraged social media to maintain customer relationships and grow business. Even Zuckerberg Media founder and CEO Randi Zuckerberg (@randizuckerberg), who focused on social media trends,  provided some best-practice examples of advisors using Facebook to connect directly with their customers.

One standout session was a panel discussion, “Winning as a Team @ MassMutual,” moderated by Hearsay Social’s Customer Advocacy Manager, Victor Gaxiola (@victorgaxiola).

In a lively discussion, the cross-functional team from Mass Mutual, including Kathleen Mayko (Director, Brand Marketing, Life Company Marketing, @kathleen_mayko), Doug Morrin (Assistant Vice President & Counsel, Law Department, @DougMorrin), and Corina Roy (Assistant Vice President, Field Digital, Life Company Marketing, @corinaroy), shared the evolution of their social media program.

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In a round robin format, Corina shared how MassMutual has mobilized its field force to embrace social technology to connect with prospects and clients, and Kathleen covered the brand perspective. Both expanded on the the need for interdepartmental collaboration and communication to meet the challenges of adoption early on and through the life of the program.

Victor categorized the challenge facing the industry well: “Social media in financial services is a revolution at an evolutionary pace.”

Representing the legal perspective, Doug was a refreshing surprise illustrating MassMutual’s progressive approach to social media understanding and adoption. He spoke about how he became knowledgeable about social media by actually creating his own social media accounts and using them. (A great tip for other legal and compliance professionals who are looking to better understand the technology.)

From the beginning, he approached social media as a business imperative; instead of being a roadblock, the legal and compliance team would be partners in making social successful at MassMutual.

Mobile

Mobile and social media have always gone hand-in-hand, but this year the mobile conversation was front and center. There was some mention of mobile strategy in almost every presentation.

Randi Zuckerberg, for example, discussed a number of mobile trends. “People want to get everything within one click on their phone,” she said, sharing examples of mobile consumer applications such as Uber and asking, “so how do you give your clients what they need?” A few of the mobile applications from insurance companies that she shared were The Liberty Mutual Home GalleryProgressive Art app, and MetLife Infinity.

There seems to be general consensus that the way people digest information has changed, and therefore firms and relationship managers need to connect with customers, employees, and investors through mobile channels. In their “Social E-Motion” session, Aaron Brickman, Adam Sherman, and Louis Cardello (senior associates at New York Life), shared the statistic that cold calls are ineffective 97% of the time, highlighting the need for other ways to connect with customers and prospects.

Integrated campaigns

As the industry’s use of social media matures, it is only natural that financial services organizations become more sophisticated with their social business programs. Particularly apparent at this year’s LIMRA conference was the number of success stories concerning fully integrated campaigns across other digital channels,  in-person activities, and mobile.
In his session “Plan for the Moment – Twitter and Financial Services Partner,” Dan Greenberg (Senior Account Manager, Twitter, @dangb) shared some impressive examples of integration with Twitter marketing programs, live events and TV broadcasts. Dan highlighted a successful campaign that New York Life ran encouraging customers to share stories.


Dan also shared a variety of examples of Twitter tools available to help bridge Twitter engagement with other marketing programs, such as “Click-to-Call” on mobile and Twitter Cards.


The core day of the LIMRA event concluded with the “Silver Bowl Awards” hosted by Michael Lock (President & COO, Hearsay Social, @michaelhlock) and James Kerley (Chief Member Officer, LIMRA/LOMA). With this second-annual installation of these awards, the conference attendees had a chance to look back at each other’s successes over the past year and learn from some truly creative campaigns.


Can’t wait to see how you all continue to innovate over the coming year!
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FCA proposes new social media rules

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In new guidance consultation issued August 6 2014, the Financial Conduct Authority (FCA) aims to clarify the regulator’s approach to social media (prior guidance was published in 2013) and provide guidance for how firms should handle financial promotions through social media communications.

“Our overall approach is that financial promotions, whether on social media or traditional media, should be fair, clear and not misleading,” said Clive Adamson, Director of Supervision at the FCA said. “We have had extensive industry engagement on this issue and we believe our guidance is a sensible approach that doesn’t affect industry’s ability to innovate using new forms of media.”

“We recognise social media are constantly evolving,” said Adamson, “We, therefore, welcome feedback to today’s consultation and look forward to continuing the discussion with industry.”

Standalone compliance is also highlighted in the guidance. Each communication should be reviewed and comply on its own. For example, legal disclaimers should be given for each statement that is a financial promotion. These rules apply to all members of the financial firm that communicate “in the course of the business” and not just advisors or agents.

According to the proposed guidance, firms need to have adequate systems in place to review, approve and supervise financial promotions. In addition, firms should be keeping a record of communications on social media, and they cannot rely on digital media channels (the social networks) to maintain the records because they do not maintain complete records and are often subject to change. To assure compliance, firms can leverage third-party tools, such as a solution like Hearsay Social, to keep records of social media communications.

The guidance addresses challenges with the limited characters (140) available on Twitter, but indicates that the limited space provides no excuse for firms to not make it clear when something is a promotion. In fact, the FCA suggests one way that firms might indicate promotional content is by simply including the hashtag “#ad” in any promotional tweets. The guidance also suggests that firms consider image advertising, however, it advises that firms should not rely on just the image to indicate whether a tweet or message is promotional.
Firms can also address requirements by just tweeting a link to a website with a financial promotion clearly indicated. For example, “To see our current mortgage offers, go to www.fakemortgages.co.uk.”
Overall, it is good to see the regulator addressing the unique nature of social media communications, as it requires different regulatory requirements than more traditional online media. The proposed guidance, “GC14/6 Social media and customer communications: The FCA’s supervisory approach to financial promotions in social media” can be found here.
Comments on to the proposed guidance can be submitted before November 6, 2014 via email to Richard.Lawes@fca.org.uk.
Disclaimer: The material available in this article is for informational purposes only and not for the purpose of providing legal advice. We make no guarantees on the accuracy of information provided herein.
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