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IFA Life promotes best practice in social media

IFA Life is launching a best practice guide to social networking, which aims to help advisers use the medium effectively and compliantly.

The guide will take in suggestions from IFA Life’s web forum, Twitter and LinkedIn from the end of this week and will develop as new media possibilities come online.

Speaking to Money Marketing  after the Social Networking  in Financial Services Conference  in Egham last week, IFA Life  founder Phil Calvert said: “We  want to set a new standard for  how IFAs and providers use  social media, which will be compliant  but will also incorporate  some of the best practice skills  and techniques.”

He added: “If you get the best practice part right, the compliance should follow.”

In an industry update in June, the regulator told firms that its financial promotions rules extended to the use of new media such as Twitter, Facebook, online forums, blogs and mobile phone applications.

Calvert says: “If you are using social media to sell something then you are doing it wrong in the first place. Social media is about listening, engaging, sharing and adding value.”

He adds: “The FSA has unnerved a few providers and IFAs but ultimately compliance with social media comes down to common sense.”

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