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Service to check social media compliance

Financial technology firm cloudFinS is recruiting IFAs for its pilot programme for new technology that aims to ensure advisers’ use of social media is compliant.

The technology, cloudAMPLIFY, will measure how many people engage with firms via social media and monitor the information firms post to ensure it is complaint with the regulator’s guidelines.

The web-based service does not require software installation. CloudFinS chief executive Marc Taverner says: “The launch of the pilot programme will allow us to work collaboratively with a limited number of firms. We invite firms to contact to apply for inclusion in the programme.”

Research carried out by Cicero Consulting in 2010 found that almost 60 per cent of senior management in financial services firms think the industry has yet to use social media to full effect.

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

EGL financial technology consultant Eddie George says: “It is very difficult to use social media and remain compliant because the FSA has not really given any guidelines in great detail. This will need to be addressed if the industry is to move forward with social media.”

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