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12 October 2010
Social media: treading carefully
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Introduction
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External:
• Media
• Regulators
• Customers and consumers
Internal:
• Compliance
• Marketing
• Customer service
• PR
You have many stakeholders…
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What does the regulation say?
• The same rules apply
• Promotions lack risk warnings
• Non-promotional communications must “be fair, clear and not misleading”
• Are all social media channels appropriate for financial services companies?
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• Be very careful with promotions
• Always provide a link to more info and, importantly, disclaimers
• You need buy-in and support from your compliance team
• Those running social media channels need a broad skill set
• Some channels are easier to use than others
• Don’t think of social media in isolation – join the dots with other channels, especially websites
What does this mean practically?
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Just as people can talk about personal finance in traditional media without reading out disclaimers, so can they talk about personal finance on social media in a similar way
Plus there’s a lot more to social media than promotions…
• Customer service
• Networking (especially for and with brokers)
• Sharing interesting news and views
• Putting personality on a brand, which doesn’t require compliance!
• Involving customers
Don’t lose heart(!)
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• Don’t view social media as a selling channel (yet)
• Organise internally
• Always link to back-up your posts
Key lessons
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Any questions?