Addressing Specific Challenges And E Media In Fs Alpesh Doshi
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This document discusses the challenges of using social media in financial services. It addresses regulatory issues around advertising financial products on social media and ensuring communications are clear, fair, and not misleading. It also covers managing legal risks around data privacy, liability, and employee use of social media. Finally, it emphasizes the importance of involving compliance from the start to address these issues and monitor social media use.
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Addressing Specific Challenges And E Media In Fs Alpesh Doshi
- 1. Addressing the Specific Challenges of social media in Financial Services Alpesh Doshi Fintricity
- 2. Agenda Introduction to the Social Media Landscape Regulatory and Legal Issues Managing Risk in the Social Media World
- 3. What is Social Media? Social Media is an attitude not a technology. It’s about enabling and encouraging participation through open applications and services..... Ian Davies (http://iandavis.com/blog/2005/07/talis-web-20-and-all-that ) It’s about ........ Interaction It’s about ........ Collaboration It’s about ........ Content Sharing
- 4. Social Media Landscape Large and growing social media applications Consumers across the demographic (18-40) Social Networks are becoming a part of daily life Financial Applications starting to emerge......
- 5. Social Media Landscape P-to-P Lending PFM SOCIAL MEDIAWEB 2.0 - UGC Blogging Social Networking Virtual Worlds Customer Reviews Micro Blogging Widgets Predictive Markets Photo / Video Sharing RSS Podcasts Inspired by the McCann Social Media Tracker Wave .3
- 6. How is this relevant to Financial Services? Finance sites are sprouting everywhere.... Really lead by US (although regulation is different) Social Media sites provide online tools and services to manage finances
- 7. Why use Social Media? Engage and Interact with Customer To help Marketing and Brand Development Build Trust in your Brand Understand needs and drivers of consumers Driver loyalty and advocacy Input to Product Development Social Networks Applications Blogs Monitor How?
- 8. Legal and Compliance Issues FSA Regulatory Issues Liability Issues Privacy Issues
- 9. Regulatory Overview Financial Services and Markets Act 2000 Regulates Advertising of financial products Conduct of Business Source Book (COB) 4 Clear, fair and not misleading Warnings on Past & Future Performance Specific Information when a direct offer is communicated
- 10. FSA Remedies - recap FSA can require amendment of a promotion Require an Advertiser to contact customers Fine and publicly name offenders
- 11. Risk Assessment and Management When is the use of Social Media considered to be promotion? Case by Case basis Where does the content come from? UGC or not? Role of Compliance to answer
- 12. Legal Protection It’s a new business world, but same legal principles Involve compliance at design stage Not just the wording but design and structure Anticipate future uses
- 13. Liability Issues Employers’ vicarious liability Offences Defamation Discrimination Insider Trading Tipping Off
- 14. Legal Risk Management Anticipate potential risks Use and take down policy Role of Community Managers Employee use Policy
- 15. Overview of Privacy Legislation Data Protection Act 1998 Regulates processing of personal data Meaning of Personal Data? Meaning of Processing?
- 16. Overview of Privacy Legislation Who is the Data Controller? What are its legal obligations? Obtaining Consent (from the data subject) Information to be provided to subjects Security
- 17. New Privacy Guidance Article 29 Working Party Specific Guidance on Social Network Providers Best Policy Recommendations Warning to Users regarding privacy risks when uploading information Reminder to users if uploading other individuals’ data, they need consent
- 18. What should you do about Privacy? Need for specialist privacy guidance Role of consent and privacy policy Importance of Security (protecting user data from other sites) A security model must be put around services
- 19. Conclusions Social Media is already here! Brands are keen to reach their customers and learn more about them Conversations and Interactions are common outside financial services Driven by brand, transparency, interaction New business world same legal principles Need to involve legal and compliance from design stage Monitor use of social media and social networks Use of terms and user policies
- 20. Thank you web: www.fintricity.com mobile: +44 7973 822820 email: alpesh.doshi@fintricity.com blog: www.alpeshdoshi.com twitter: www.twitter.com/alpeshdoshi skype: alpeshd linkedin: www.linkedin.com/in/alpeshdoshi
Editor's Notes
- Consumers across the demographic (part of the mainstream)
- Key Characteristics of Web 2.0 I C C
- Consumers across the demographic (part of the mainstream)
- Types of Services: ntomanage your share portfolios
- Types of Services: Portfolio Monkey to manage your share portfolios
- Use and participate in social networkDevelop applications (widgets) that are embedded into social networksCreate a two way conversation between consumers and company IFA and Product ProvidersMonitor online presence – your company is already being commented upon on the web.
- Where does the content come from? If it is from institution – compliance must approve any promotionIf it is User Generated Content – then explicit approval may not be requiredUltimately it’s the role of complaince to answer that question – and the social media application to enable this to happen
- Not just the wording – but look at the design and structure of the application – embedding compliance processes in their use.Anticipate Future Uses – look at the possibilities of how the applications will change over time and anticipate this and also changing compliance
- As an employer you are responsible for the actions of your employees during the course of their employmentDefamation – Libel – e.g. A corporate blog which is libelious to an individualInsider trading – giving a view on a
- Use and take down policy -
- Personal Data – anything that identifies an individual – name, address, bank number, nickname, login name that can link back to youProcessing – means any activity that you do with data
- Who is the Data Controller – person who directs the purposes for which data is processedInformation to be provided – who has the data and what will they do with it?Security – obligation to keep data secure
- Article 29 Working Party – EU Privacy Body (the article sets up the body under the directive)
- Data Security is important not just from a legal compliance perspective, but