We use cookies to improve site performance and enhance your user experience. If you'd like to disable cookies on this device, please see our cookie management page.
If you close this message or continue to use this site, you consent to our use of cookies on this devise in accordance with our cookie policy, unless you disable them.

Close
In association with

Home > Opinion > FTAdviser Blog > Kevin White's blogs

FTADVISER BLOG

FCA and the Twitter age

The transition from the FSA to the new Financial Conduct Authority is now well underway.

By Kevin White | Published Oct 17, 2012 | comments

This weeks’ journey to the FCA document complemented Martin Wheatley’s earlier pledges to be more interventionist and to ban products which put consumers at risk when the regulator comes into being next spring, with the now oft-quoted, “shoot first and ask questions later” pledge still ringing in our ears.

But how will it do this? One way, according to FSA head of investment policy David Geale, will be to monitor social networks like twitter - the home of reasoned and well mannered debate - in 140 characters or less.

He told a meeting of international financial planners from the Financial Planning Standards Board this week, that the FCA would use its powers to “shut the gate before the horse has bolted” if they spotted complaints about a particular firm.

Another highly quotable and tough talking soundbite for the press, and apparently the FSA is doing it already - they just haven’t told us about it. (Cue another FCA pledge to be more transparent).

But on a note of caution, now that the consumer will know that the regulator is paying attention to their twitter rantings, what’s to stop some unscrupulous firms from planting that twitter shaped seed of complaint themselves?

What was a well intentioned customer service initiative could get very messy.

COMMENT AND REACTION

Our Columnists

Hal Austin

Hal is editor of Financial Adviser and has been for more than a decade. He has previously worked on a number of local and national publications.

Ashley Wassall

Ashley is editor of FTAdviser and writes on all areas of retail finance. Previously supplements editor at Money Management and editor of a European private equity publication.

John Kenchington

John is editor of Investment Adviser and has written about investments for several years. He has worked at titles including City AM and was recently named in the MHP 30 To Watch list of up-and-coming media names.

Jon Cudby

Jon is editor of Money Management and has 12 years' experience covering retail personal finance. In 2005, Jon was launch editor of FTAdviser and most recently he was head of online content for Incisive Media's financial services titles.

Tony Hazell

Tony is a freelance financial journalist, having been editor of Money Mail at the Daily Mail for a number of years. He has been writing a column in Financial Adviser since 2005.

John Lappin

John is a weekly contributor to Investment Adviser with 15 years’ experience in financial journalism and 10 years writing on the IFA sector. He was formerly editor of an IFA trade magazine.

Most Popular
More on FTAdviser
FTA jobs
  • PARAPLANNER

    Location: Horsham, West Sussex

    Salary: £30,000 basic + bonus (OTE £50,000)

  • Financial Planner

    Location: Cheshire

    Salary: To £36,000 + Car (BMW or Mercedes) + Benefits + Bonus

  • IFA

    Location: Cambridge

    Salary: £55000 - £75000 per annum