Social Media Marketing: Avoiding FSA Wrath

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Twitter, Facebook and social networks are relatively new concepts, they weren’t around 5 years ago and yet they have changed the way we live, the way we communicate and the way businesses communicate with us. With a new way of business comes a different way of working, but the Financial Services Authority have made it clear that promotions made via social networks are no different to those made through any other medium.

Maria Merricks over on IFAOnline has an article about how to use Social Networks to promote your business without getting yourself in trouble with financial authorities. Richard Smith is quoted as saying “Imagine how you would give this advice if you were on television, or Radio 4’s ‘Money Box’, live. Of course, you wouldn’t reel off all the risks; you would deliver the advice in a generic and professional manner.”

What Smith is saying here is that you should treat online marketing no differently from any other kind of marketing. Those customers who you speak to online should get the same advice, and the same care taken to make sure that they are getting the correct advice than if you were speaking to somebody in your office or on the radio.

For the full article check out IFAOnline. Does your business use Social Media Marketing? How effective is it? Let us know in the comments.