Financial Services: Social Networking

Treasury written question – answered on 11th June 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer what recent discussions he has had on the development of guidance on the use of social media for promotion of financial services.

Photo of Andrea Leadsom Andrea Leadsom The Economic Secretary to the Treasury

The Financial Conduct Authority (FCA) is responsible for conduct supervision of regulated financial firms, including their responsible promotion of products and services.

In 2010 the then Financial Services Authority issued some high-level guidelines on use of ‘new media’—including social media—for such promotions. Since April 2013 the FCA has been engaging with industry, looking further at how social media interacts with FCA rules, and has committed to issue further guidelines later this summer.

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