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FCA Issues Draft Social Media Guidance

Jaclyn Jaeger | August 6, 2014

The UK Financial Conduct Authority today issued proposed guidance intended to clarify its approach concerning the supervision of financial promotions in blogs and social networking Websites, including those that have character space limitations, such as Twitter.

The FCA reminds companies that any form of communication, including through social media, potentially constitutes a financial promotion, depending on whether it includes an invitation or inducement to engage in financial activity. “Therefore, it remains a fundamental requirement that all communications, including financial promotions, are compliant,” the FCA stated.

In a prepared statement, Clive Adamson, Director of Supervision at the FCA, acknowledged that positive benefits can be gained from using social media, “but there has to be an element of compliance,” he said. “Our overall approach is that...

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