Twitter is hardly a twisseller’s charter

It is clear that intermediaries may be falling foul of the financial promotions regulations as this Money Marketing story shows. The example used by regulators always seems to involve a mortgage broker. (Is it the same one?). IFAs, brokers and everyone else do need to pay heed. Who wants to be fined or worse because of an unwitting tweet?

A couple of thoughts on the matter however. First, advisers in particular will surely get the most out of social media in all its guises when they are not talking about products but the benefits variously of insuring, investing, planning and the rest.

Second does the new regulator needs to update its regulations to the erealities of the new social media world, rather than simply extending its older print and slightly more recent website regulations. The Money Debate still finds it difficult to conceive of anyone twisselling or to believe that Twitter is a twisseller’s charter.

  • SteveHerbert

    I agree John that the best use of social media, or any form of general comment for that matter, should be the generics of what we are all trying to achieve rather than policy specifics, or worse overt selling (which is both a compliance nightmare, and really turns-off an audience).

    The real problem for me is that it’s difficult to say anything meaningful or balanced in 140 (or less) characters. And saying something in less than that can lead you open to attack from competitors and/or the regulator. But yes, updated thoughts on this and all forms of social media are really required sooner rather than later.