As the industry digests the Financial Conduct Authority's (FCA) efforts to regulate professionals' use of social media, Raymond James tells advisers not to stress over how many Twitter followers or Facebook friends they have - and to buff up their LinkedIn profile instead.
After a wait of four years, the FCA has finally revealed a bit more about how it wants financial professionals using social media to behave. Its guidance consultation paper (published on 6 August) focussed in particular on its expectations of firms and individuals when promoting products online. It warned that promotions of investment products need to be "identifiable as such", for example by adding #ad in online posts. Certain products, when promoted, need to include risk warnings or other statements, which, as consultancy Bovill pointed out, poses particular challenges for the us...
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