View more on these topics

FSA gets tough on Twitter ads

The FSA is taking a tough stance against financial services firms advertising products on Twitter, forcing firms to remove or amend tweets it deems to be unsuitable.

Last week, Money Marketing’s sister publication Mortgage Strategy reported that the regulator has told a number of mortgage brokers to amend or remove tweets on the social networking website.

Money Marketing understands the regulator’s concerns extend across all areas of financial services.

In a financial promotions industry update, published in June 2010, the FSA said its financial promotion rules apply to new media sites such as Facebook and Twitter in the same way as adverts via any other medium.

It said that because Twitter limits the number of characters that can be used, posts on the site may be an insufficient means of providing balanced and sufficient information.

Michael Philips proprietor Michael Both says: “To be spending time and energy cracking down on Twitter use in the same week that £1.3bn went missing from a bank that it should have been watching closely makes the FSA look like it has got its priorities all wrong.”

Jacksons Financial Services managing director Pete Matthew says: “Twitter should follow the same rules as any other form of financial promotion. Any fool who thinks they can push a product on Twitter deserves everything they get.”

An FSA spokesman says: “The FSA monitors advertising in all media and we contact firms if we see problems. We know that consumers use adverts to help them shop around so we insist that any financial promotions must be clear, fair and not misleading.”


Cofunds’ changes impressive but could do better

I had been looking forward to Cofunds’ RDR strategic announcement as I expected it to shake the market up. It did not do that, preferring to be measured. Let’s have a look at what it did unveil. Financial strength – it is profitable, well diversified and has £45m in the bank. 750,000 customers, 7,500 advisers, […]

Falcon wind-up sees Lighthouse post £2.4m loss

Lighthouse posted a £2.4m loss for the first half of 2011, compared to a £117,000 profit in the first half of 2010. The loss is due to a £2.9m charge to wind down IFA group Falcon, including provision for any potential redress. The results say: “Certain aspects of Falcon’s historical trading have become the subject […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm