Have your say about the FCA social media guidance

The FCA is reviewing its guidance on the use social media for financial services promotions and is consulting on how best to proceed. We at the DMA want to hear our members’ thoughts on the consultation so that we have a feel for the most important issues for financial services brands.

Please email any comments you have to me (zach.thornton@dma.org.uk) by close of play Monday 13 October 2014. We will collate all the comments handed in and take these into account when responding to the consultation in the coming weeks. Your input will ensure a robust response from the DMA and add clout to our arguments.

Background to the consultation
Financial services companies have been uneasy about using social media as a tool for marketing as there has been a lack of guidance from the FCA over how to comply with the law. This has led to a low take-up of social media as businesses don’t want to take unnecessary risks, considering the reputational damage of falling foul of the law and the potential fines. In recognition of this, the FCA has decided to update its previous guidance and provide clarity to business so as to promote the use of social media in financial services sector and to promote competition in the interests of consumers.

Responding to the consultation
The FCA has set a deadline of Thursday 6 November for responses to the consultation. If you want to submit your own response then email your comments to: Richard.Lawes@fca.org.uk or by post to:

Richard Lawes
Financial Promotions Team
The Financial Conduct Authority
25 The North Colonnade
London E14 5HS

However, please bear in mind that the DMA will be sharing its completed consultation response with members via the Councils so you may want to wait until you have seen the DMA response in order to ensure common messaging across the industry where possible. The DMA Social Media and Financial Services Councils will be taking the lead.

We look forward to hearing from you soon and value your input.