The FCA has published a Guidance Note on financial promotions in social media. The FCA is not against companies using social media in financial promotions and reminds companies that any form of communication is capable of being a financial promotion if it includes an invitation or inducement to engage in financial activity.
All communications, including financial promotions, must be fair, clear and not misleading. Communications through social media can potentially reach a wide audience very rapidly, so firms should take that into account when considering making a financial promotion through social media. Firms should also ensure that their original communication would remain fair, clear and not misleading if it were to end up in front of a non-intended recipient (through others retweeting on Twitter or sharing on Facebook).
The Guidance details specific areas that firms need to consider and provides some solutions and illustrative examples.
A copy of the Guidance Note is available on the FCA website.
