Social media is shaping the business landscape across the board; it is effective in brand and product awareness as well as image management. To financial services, however, social media is a largely untapped resource. In recent years travel comparison sites have best demonstrated the effect online reviews and conversations have on businesses. As customers and clients become accustomed to reviewing all means of services online they will undoubtedly do the same for financial products – a conversation you will want to engage with and shape.
Yes, a network ‘lock down’ on social media sites does not ensure compliance with social media regulations, it only makes breaches more difficult to trace from within. Without training, staff cannot comprehend the results of their actions. A tweet or post from a personal device could result in a penalty. Furthermore, the Senior Managers Regime is due on 7th March 2016, which states: ‘firms will also be legally required to ensure that they have procedures in place to assess their fitness and propriety before applying for approval and at least annually afterwards’ , meaning that managers will be held accountable for the actions of their juniors.
No, Monitoring tools don’t proactively ensure your staff know how to be complaint; they merely record breaches once they have happened
I want my organisation to use social media but they are nervous of being able to ensure compliance, can you help?
We were founded as a result of this question. Our Full-Cycle Solution to social media compliance was formed in dialogue with the FCA and we have been built partnerships with multiple global regulators. This means we understand the thinking behind the regulation and as a result are in the best position to offer clear advice and training.
How do I make my institution social media compliant? At SMC we believe the only way to achieve social media compliance is to ensure a company-wide understanding of the risks. By engaging with SMC, we will help you comply with regulations and help mitigate the risk of penalties. SMC offers a full cycle approach which identifies weaknesses and addresses them with tailored training and access to our bespoke platform.
In short, we can help your institution to become social media compliant.
All members of the SMC will receive updates, analysis and recommendations as new regulations and laws are released. Our dedicated legal team also ensures our training and audit consistently reflects best practice in this field.
At the SMC we work across global legal juristictions, offering an international service. Our view is that the safest policy is to be globally compliant, and we aim to ensure that our client’s comply with international best practice. While you are financially regulated in the countries you service, your social media output is visible to all.
The Charter is a set of principles, which allows institutions to demonstrate that they agree to the ethos of compliant social media. For regulators, trade bodies and financial institutions alike, signing the Charter is the first step in proving that you are committed to setting the global standard for compliant social media.
Signing the up to the Charter is simple. All your firm has to do is be committed to the principles of the Charter. This demonstrates you are on board with our mission – to achieve company-wide safe use of social media. Download the Charter and email us a signed copy and you will be included in the signatories. Moving forwards, we officially welcome all new signatories to the Charter at our annual summits.
Anything else to ask?
If so, contact us and our team will get back to you within 24 working hours