FCA points out the pitfalls of social media

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Recent guidance from the Financial Conduct Authority (FCA) on using social media for financial promotions serves as a useful clarification, according to prominent figures in the broking market.

The FCA’s 20-page document, issued in March following an industry-wide consultation, notes that any form of communication is capable of being a financial promotion if it includes an invitation or inducement to engage in financial activity.

The regulator said financial promotions, whether on social or trad

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