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What To Expect From The FCA’s New Social Media Guidelines

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Social Media FCA Compliance Guidelines 2014

Resources for financial services firms preparing for the new UK Financial Conduct Authority Social Media Guidelines

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What To Expect From The FCA’s New Social Media Guidelines

  1. 1. London, 17 June 2014Financial Services Social Media 1
  2. 2. London, 17 June 2014Financial Services Social Media 2 17 June 2014 Presented to 250 Delegates At Financial Services Social Media Event, London @simonjryan
  3. 3. London, 17 June 2014Financial Services Social Media 3 Who Is This Guy? I RunI Run Simon Ryan For Clients Like This For Clients Like This Award WinningAward Winning
  4. 4. London, 17 June 2014Financial Services Social Media 4 Back In The Day
  5. 5. London, 17 June 2014Financial Services Social Media 5 Brave New World Promotions and communications made using new media must meet the requirements for stand-alone compliance.
  6. 6. London, 17 June 2014Financial Services Social Media 6 FCA Changes Since June 2010
  7. 7. London, 17 June 2014Financial Services Social Media 7 Except in May 2013 "What’s new is that we won’t just be relying on regulatory reports back from firms, but on reports from consumer bodies, internet monitoring, the media and even on Twitter.”
  8. 8. London, 17 June 2014Financial Services Social Media 8 And Then In December 2013 The Financial Conduct Authority (FCA) is to publish social media guidance for financial services firms early next year [2014].
  9. 9. London, 17 June 2014Financial Services Social Media 9 Half of those polled had a mortgage Let’s Remember Why It’s Important
  10. 10. London, 17 June 2014Financial Services Social Media 10 So What Are We Expecting? No one knows for sure. However, the recent US FFEIC guidelines suggest: Prepare for risk management and corporate accountability.
  11. 11. London, 17 June 2014Financial Services Social Media 11 1. Content 2. Strategy and Governance 3. Monitor, Moderate and Measure 4. Audit and Archive 4 Main Themes
  12. 12. London, 17 June 2014Financial Services Social Media 12 We don’t expect any changes to the current Financial Promotions Guidance However, we do expect •Some kind of internal staff accreditation for staff with social media accounts, like money laundering •A process for who has authority, access and scope •Be able to monitor staff activity in social media – Including personal activity for authorised people 1. Content
  13. 13. London, 17 June 2014Financial Services Social Media 13 • Define what you intend to/not to achieve – The scope for your social media activity • Carryout a Risk Assessment – Produce a Risk Register • Appoint one person to own all of these – Make sure they report at least quarterly – Have someone interested and with authority for them to report to 2. Strategy & Governance
  14. 14. London, 17 June 2014Financial Services Social Media 14 3. Monitor, Moderate & Measure Firstly, Customers •Define how you will monitor what is being said about your brand, products and business •Define how you will respond – How will you take it offline? •Report on activity volumes to inform risk
  15. 15. London, 17 June 2014Financial Services Social Media 15 3. Monitor, Moderate & Measure Secondly, Staff •Be clear about which staff you will monitor •Say how you will monitor your staff •Record breaches and lessons learned •Have a staff policy for social media just as you would speaking to the press
  16. 16. London, 17 June 2014Financial Services Social Media 16 • Record all the activity of your firm and staff • Keep a complete archive – that means by user • Record compliance/guideline/policy breaches and remedial action taken • Be prepared for FCA spot checks Especially if you have agents, branches, brokers or adviser networks 4. Audit and Archive
  17. 17. London, 17 June 2014Financial Services Social Media 17 Thank you Simon Ryan T: 0800 092 4046 E: simon@socialadvisors.co.uk @SocialAdvisorUK More Resources adviserpost.co.uk/social-media-compliance
  18. 18. London, 17 June 2014Financial Services Social Media 18

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