View more on these topics

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.”

See this week’s cover feature for more.

Recommended

60 seconds with – Brian Brodie, Operations Director, Virgin Money

What was the appeal of joining Virgin Money? It’s good to be part of a new force in UK banking. Virgin Money has a fantastic opportunity to change banking and I’m looking forward to playing my part in that. What skills do you bring from HML to Virgin Money?I have experience in leading the redesign […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • Kev 20th February 2012 at 4:08 pm

    Terry B is right that the rules do apply but misses the point that the rules need reviewing to take into account the current marketplace. Football does not have goal line technology but many of them have opinions about the issue…..

  • Ian Rogers 20th February 2012 at 3:51 pm

    Business is Business. I tweet about the industry but not rates or products and it does get you noticed, most other business sectors use Twitter, so why are we once again being singled out for SPECIAL Treatment, i suggest the barrister keeps his Beak out.

  • Terry B 20th February 2012 at 3:38 pm

    I wondered when this would raise its head…the FSA financial promotions rules are quite clear..if the communication is designed to attract customers to engage in a regulated activity then the rules apply! It’s a bit like the offside rule ..you may not like it ..but if you want to play football you have to work with it

  • Matt Tristram 20th February 2012 at 3:33 pm

    I completely agree with Dan, Twitter is here to stay, it’s a great tool for brokers to use, it’s a free and easily accessable.

    If this is an issue (which I’m not convinced it is) then a SOLUTION needs to be found rather than just a set of rules which make it impossible to use freely

  • AA 20th February 2012 at 3:33 pm

    Companies shouldn’t be promoting products anyway!!! Its boring content.

  • Matt Tristram 20th February 2012 at 3:33 pm

    I completely agree with Dan, Twitter is here to stay, it’s a great tool for brokers to use, it’s a free and easily accessable.

    If this is an issue (which I’m not convinced it is) then a SOLUTION needs to be found rather than just a set of rules which make it impossible to use freely

  • Dan McGeehan 20th February 2012 at 3:04 pm

    Twitter is not going to away and the FSA need to forumalte a policy that deals with the character limit in it.Reading this article and the cover feature it highlights that you cannot mention rates without the associated disclaimers. However if you where to tweet a product withdrawal which saves a customer money surely that is TCF.

Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now