In FTAdviser’s Guide to Social Media, Openwork reveals concerns about advisers using Twitter as caveats required by the regulator cannot feature in individual tweets.
Nina Stenning, head of marketing communications at Openwork, said if you tweet about a new mortgage deal, for instance, the FCA would deem it to be a non-compliant financial promotion - even if your Twitter profile contains the relevant mortgage warnings.
Ms Stenning said: “The space Twitter affords for your profile information is also limited (to just 160 characters), leaving little space for any meaningful description once regulatory requirements have been met.
“The FCA’s stance over social media is intensifying, particularly on Twitter, and we can expect to see much greater attention from the regulator in this area for the foreseeable future.”
Derek Bradley, chief executive of Panacea Adviser, said: “Do not sell by tweet.”
Helen Turner, distribution and development director of Tenet, said you cannot use social media to give any specific financial advice and you must be authorised to advise on any products and services you talk about, like for example equity release or international investments.
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