This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
Money Marketing Cover

Positive Solutions launches social media strategy

  • Print
  • Comments (7)

Coleman-Peter-Positive Solutions-2013

Positive Solutions chief exec Peter Coleman

Positive Solutions has launched its new social media strategy which requires advisers to obtain a licence in order to engage with clients through social media.

PosSol partners must pass a social media and financial promotions test in order to obtain a PS Financial Promotions Licence. Once they have the licence, PosSol will approve their social media profiles.

PosSol confirmed in September it was reviewing its social media and internet blogging protocol after it was criticised for imposing tough restrictions on advisers.

The firm launched a pilot late last year and rolled the scheme out at its national conference in Gateshead this week.

A PosSol spokesman says: “PosSol is really positive about social media and the potential for partners to use it to interact with clients and potential clients but the licence means that partners will be properly equipped to avoid the potential pitfalls of social media in a financial regulatory climate.”

Money Marketing revealed this month Possol is being acquired by Intrinsic Financial Services from parent company Aegon.

  • Print
  • Comments (7)

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Readers' comments (7)

  • No company should be allowed to sell a licence for employees of any company to use social media. Social media is about engagement and conversation you do not sell a product via social media you engage with social and listen then respond.

    If you are a positive partner I would urge you if you can afford it to seek a professional social media company that can help guide you with your brand on social and not take a licence for what is free in the first place to engage with clients.

    Unsuitable or offensive? Report this comment

  • Once again PS has completely failed to understand the nature of social media. It is fast and reactive, not somethign that can be controlled with 14 days to get something approved which is so compliant it is completely ignored. The risk warning alone would take more characters than twitter would allow !!!

    Unsuitable or offensive? Report this comment

  • Just to clarify the above two comments;

    Anon1: No PS Partner has to pay to use Social Media, not sure where that fabrication came from.

    Anon2: The idea of the Licence is so Partners do not have to request pre-approval for every comment and can get the best out of Social Media whilst adhering to the regulators guidelines.

    Seems you both have your wires crossed there.

    Unsuitable or offensive? Report this comment

  • The answer to this issue is to stop using social media to promote specific products and services that fall within the FCAs definition of a financial promotions. If you don't know what the rules are, you need to find them out before you start using social media within your business to targeted retail clients. Ignorance of the rules cannot be accepted as a defence for breaching them.

    You could always seek to change the Financial Promotion Rules! Good luck on that one.

    Unsuitable or offensive? Report this comment

  • @Gordon McNeill

    I think PosSol are simply trying to help their advisers understand the rules. The test and license is to demonstrae that the adviser does understand what constitutes a financial promotion. It just gives advisers some freedom to enjoy social media without any unnecessary compliance issues.

    Just don't see what's not to like here.

    Unsuitable or offensive? Report this comment

  • I think the PS stance on this is very sensible. The licensing test serves a dual purpose. Firstly it makes sure the partner is fully aware of what they can and cannot do, and gives guidance where appropriate. Secondly, if the partner does do anything stupid or against the rules, it allows PS to distance itself from the partner, rightly stating that the partner knew the rules and therefore it is he/she that is at fault and in trouble, not PS.

    Seems a sensible way to move forward.

    Unsuitable or offensive? Report this comment

  • I think that’s a practical approach and I would be interested to know how they will manage the full risks that can still leave a network exposed with social media:

    1. How will they manage ongoing monitoring and moderation of adviser’s posts?
    2. How will they archive their activity for FCA spot checks?
    3. How will they police what advisers publish through their personal social media personas?

    Unsuitable or offensive? Report this comment

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick



Poll

Do you agree with calls for a flat 30% rate of pensions tax relief?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments