In July 2015 over half (53%) of advisers were using LinkedIn, up from just 5% in June 2014, but the majority (52%) said their firm does not have a formal policy for employees – something that increases their risk of doing something that falls foul of the Financial Conduct Authority.
The FCA published the guide Social Media and Customer Communications in June 2014. The regulator has instructed firms to demonstrate both the risks and the benefits of financial products on social media.
Nick Eatock, Intelliflo’s executive chairman, said: “It is interesting to see that more than half of those surveyed said there was no social media policy in place for their firm.
“Although having a policy doesn’t guarantee that things will go smoothly when engaging with social media, defining what is and what is not acceptable for all employees can certainly help to mitigate situations that might attract negative feedback from the FCA.”