Social media charter for financial services firms launched

A charter for financial services firms using social media has launched shortly after the FCA published guidelines on how to communicate on social media platforms.

Related topics:  Finance News
Amy Loddington
28th August 2014
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The charter consists of a set of guidelines for firms on how to use social media, a training process and certificate. It was developed by entrepreneur Kitty Parry and regulatory compliance barrister Charles Parry supported by lawyers, social media experts, and software and communications professionals, who cited research conducted by Cisco in 2011 in warning 71% of employees were found to be breaching their firms' social media policies.

Advisers will be able to sign up for an annual fee depending on the level of service they require - from an analysis of their social media practice to full implementation of the social media charter involving inclusion in conversations around social media with the FCA.

The founders said the charter was built "in close dialogue with the Financial Conduct Authority" and is supported by an annual event for participants from the industry.
 
Parry said:

"The risks of social media are significant, even if a firm chooses not to utilise social media. Whether staff use personal social media platforms to voice work led issues or conversations spiral without any control, the training of employees is vital.

"This ensures thorough social media compliance, in the same way firms do this to protect themselves from money laundering situations; it will enable firms to prove to the regulators that the firm is social media compliant."

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