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(RE)IMAGINE
The Official Blog of Acuity Knowledge Partners
FINFLUENCERS ON THE RADAR OF BRITISH WATCHDOGS DUE TO INCREASING USE OF SOCIAL
MEDIA
*
*
Download Blog
Published on December 7, 2023 by Mahima Sahney
Coming across posts recommending investment in a particular financial
product/plan is common when scrolling on Instagram, Twitter or Facebook, but
such posts do not go undetected by the British regulator. Financial promotions
and advertising on social media platforms have spiked. This, combined with
financial firms’ use of influencers (termed “finfluencers”), led to the
Financial Conduct Authority (FCA) issuing new guidelines as a warning to
influencers on social media who provide unsubstantiated advice on making
financial decisions. These guidelines would help those who invest in financial
products make informed and more cautious decisions on their investments.
Most financial firms use social media to increase their visibility and market
reach. The directives have been issued mainly due to the following reasons:
* Financial firms are using social media platforms more extensively to execute
their marketing strategies for their financial products.
* Social media influencers are providing low-quality information that is
sometimes misleading and false when advertising via their social media
handles.
* Advertisements do not cover all information on a financial product.
* Advertisements suggest investing in credit products and target young
audiences who are more likely to trust the information provided by such
influencers and make hasty financial investment decisions.
* The regulator wants customers to have all the information required and have
information of superior quality before they make a financial decision.
* The regulator is focused on providing customers with the right information
for making financial decisions without interference of the technology or
platform used to convey that information.
* The regulator intends to bring criminal charges against influencers found to
be promoting unfair, unclear or misleading information on financial products.
Whom this will affect:
* Purchasers of financial products
* Financial influencers and anyone who promotes financial products on social
media without approval from the regulator
* The social media platforms used
* The financial firms that approve the content to promote their products on
social media
* Any firm outside of the UK that promotes its financial products to UK
customers on social media
Consultation guidance – takeaways:
The new guidance reminds financial firms of their responsibilities towards their
customers when promoting financial products. Considering how sensitive the issue
of social media is, the FCA wants financial institutions to be aware of their
duty to customers so as to provide them with a good outcome.
The regulator aims to build a framework that is strong and keeps up with the
changing financial-market landscape, so that reaching out to large audiences
with accurate information would not be a challenge.
These new guidelines help the regulator
* Safeguard customer rights and objectives
* Maintain customers’ trust in the financial markets
* Ensure transparency
The FCA consultation on social media marketing ended on 11 September 2023. New
guidelines will be released in 2024.
The FINRA and the SEC have already set guidelines on the use of social media for
work purposes, and APAC regulators may follow suit in the near future.
How Acuity Knowledge Partners can help
We provide expert guidance to firms and a range of bespoke services including
marketing material review and advertisement review, regulatory compliance
review, distribution compliance, code of ethics monitoring, electronic
communication monitoring and social media surveillance. Combined with our
expertise in compliance, our subject-matter experts strive to maintain internal
controls and help redesign workflow to mitigate inherent and potential risks
identified under any policy or regulation.
Source:
* https://www.finra.org/rules-guidance/guidance/targeted-examination-letters/social-media-influencers-customer-acquisition-related-information-protection
* https://www.finra.org/sites/default/files/notice_doc_file_ref/Regulatory-Notice-17-18.pdf
* https://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf
* https://www.finra.org/rules-guidance/key-topics/social-media
* https://www.sec.gov/news/press-release/2022-221
* https://www.fca.org.uk/news/press-releases/social-media-guidance-set-revamp
Tags:
customer rights FCA financial firms Financial influencers financial investment
financial products financial promotions Finfluencers Social media
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ABOUT THE AUTHOR
Mahima Sahney
Know More
Mahima Sahney has over 9+ years of experience in compliance and Investment
banking having worked for firms including Ameriprise Financial. Her expertise
spans across compliance and risk sector, focusing on compliance reviews of
Electronic Communication. At Acuity Knowledge Partners she is part of the
central compliance team and specializes in Electronic Communication review.
Mahima is a post graduate (Masters of commerce) and hold a degree from
Bundelkhand University Jhansi.
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