London, 17 June 2014Financial Services Social Media 1

London, 17 June 2014Financial Services Social Media 2

17 June 2014

Presented to 250 Delegates

At Financial Services

Social Media Event, London

@simonjryan

London, 17 June 2014Financial Services Social Media 3

Who Is This Guy?I RunI Run

Simon RyanFor C

lients Like This

For Clie

nts Like This

Award WinningAward Winning

London, 17 June 2014Financial Services Social Media 4

Back In The Day

London, 17 June 2014Financial Services Social Media 5

Brave New World

Promotions and communications made using new media must meet the

requirements for stand-alone compliance.

London, 17 June 2014Financial Services Social Media 6

FCA Changes Since June 2010

London, 17 June 2014Financial Services Social Media 7

Except in May 2013

"What’s new is that we won’t just be

relying on regulatory reports back from

firms, but on reports from consumer

bodies, internet monitoring, the

media and even on Twitter.”

London, 17 June 2014Financial Services Social Media 8

And Then In December 2013

The Financial Conduct Authority (FCA) is to publish social media guidance for financial services firms early next year [2014].

London, 17 June 2014Financial Services Social Media 9

Half of those polled had a

mortgage

Let’s Remember Why It’s Important

London, 17 June 2014Financial Services Social Media 10

So What Are We Expecting?

No one knows for sure.

However, the recent US

FFEIC guidelines suggest:

Prepare for

risk management and

corporate

accountability.

London, 17 June 2014Financial Services Social Media 11

1. Content

2. Strategy and Governance

3. Monitor, Moderate and Measure

4. Audit and Archive

4 Main Themes

London, 17 June 2014Financial Services Social Media 12

We don’t expect any changes to the current Financial Promotions Guidance

However, we do expect

•Some kind of internal staff accreditation for staff with

social media accounts, like money laundering

•A process for who has authority, access and scope

•Be able to monitor staff activity in social media

– Including personal activity for authorised people

1. Content

London, 17 June 2014Financial Services Social Media 13

• Define what you intend to/not to achieve

– The scope for your social media activity

• Carryout a Risk Assessment

– Produce a Risk Register

• Appoint one person to own all of these

– Make sure they report at least quarterly

– Have someone interested and with authority for them

to report to

2. Strategy & Governance

London, 17 June 2014Financial Services Social Media 14

3. Monitor, Moderate & Measure

Firstly, Customers

•Define how you will monitor what is being said

about your brand, products and business

•Define how you will respond

– How will you take it offline?

•Report on activity volumes to inform risk

London, 17 June 2014Financial Services Social Media 15

3. Monitor, Moderate & Measure

Secondly, Staff

•Be clear about which staff you will monitor

•Say how you will monitor your staff

•Record breaches and lessons learned

•Have a staff policy for social media just as you

would speaking to the press

London, 17 June 2014Financial Services Social Media 16

• Record all the activity of your firm and staff

• Keep a complete archive – that means by user

• Record compliance/guideline/policy breaches

and remedial action taken

• Be prepared for FCA spot checks

Especially if you have

agents, branches, brokers or adviser networks

4. Audit and Archive

London, 17 June 2014Financial Services Social Media 17

Thank you

Simon RyanT: 0800 092 4046

E: simon@socialadvisors.co.uk

@SocialAdvisorUK

More Resources

adviserpost.co.uk/social-media-compliance

London, 17 June 2014Financial Services Social Media 18