Twitter is no place for brokerages to promote products
Mortgage brokers should not use Twitter to promote mortage products, a regulatory expert says.
The Financial Services Authority applies its financial promotions rules to Twitter and requires firms to display clear risk warnings and information that is not misleading.
Barrister Adam Samuel believes it is difficult to meet the requirements of these rules in the 140 characters allowed on Twitter.
He says: “Instant social media and complicated products are not a good fit for each other. Mortgage brokers shouldn’t use Twitter at all.
“If your firm is sponsoring the local fête, cricket or school sports day then tweet about that, but anything related to products or service is not OK.”
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