The Financial Conduct Authority's (FCA) newly published guidance on social media promotion leaves firms with 40 characters to promote their products on Twitter, warned a consultancy as it criticised the regulator for "not going far enough" in telling firms what they are allowed to do.
Regulatory consultancy Bovill, which recently appointed a former Financial Services Authority (FSA) manager as a consultant in its wealth management team, accused the regulator of failing in parts of its new social media guidance, out on Wednesday, particularly its rules around character-limited promotions, such as Twitter. The FCA proposed to add the hashtag #ad to flag up whether a post is effectively an investment promotion on Twitter but Bovill pointed out the tweet will still need to include the appropriate risk warnings. The consultancy said: "For a tweet to be fully compliant w...
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