I originally produced this presentation for a webcast I hosted for BrightTalk in the UK. It offers a critical analysis of guidance issued by the UK financial services regulator - the FSA - about the application of social web tools for consumer communication within financial services. In essence, it claims the FSA has got the wrong end of the stick and that that's detrimental to consumer interests.
This slidedeck is also posted at MRM's slideshare page at www.slideshare.net/MRMLondon.
Originally uploaded on MRM London page. This is my presentation to a group of about ten IFAs in Birmingham last November explaining how brand-building is changing with the advent of social media.
Created by Ian Thomas and originally the basis of a webcast for BrightTalk in the UK, 'The unsociable FSA's Dr Pepper moment' explains why the UK's Financial Services Authority’s (FSA) stance on the use of the social web by regulated businesses is counter-inuitive to its statutory objectives and principles. It explains why the application of social tools can help increase consumer confidence in the UK financial services industry and improve consumer protection.
Created by Ian Thomas and originally the basis of a webcast for BrightTalk in the UK, ’The unsociable FSA’s Dr Pepper moment’ explains why the UK’s Financial Services Authority’s (FSA) stance on the use of the social web by regulated businesses is counter-inuitive to its statutory objectives and principles. It explains why the application of social tools can help increase consumer confidence in the UK financial services industry and improve consumer protection.
Originally uploaded on MRM London page. This is my presentation to a group of about ten IFAs in Birmingham last November explaining how brand-building is changing with the advent of social media.
Created by Ian Thomas and originally the basis of a webcast for BrightTalk in the UK, 'The unsociable FSA's Dr Pepper moment' explains why the UK's Financial Services Authority’s (FSA) stance on the use of the social web by regulated businesses is counter-inuitive to its statutory objectives and principles. It explains why the application of social tools can help increase consumer confidence in the UK financial services industry and improve consumer protection.
Created by Ian Thomas and originally the basis of a webcast for BrightTalk in the UK, ’The unsociable FSA’s Dr Pepper moment’ explains why the UK’s Financial Services Authority’s (FSA) stance on the use of the social web by regulated businesses is counter-inuitive to its statutory objectives and principles. It explains why the application of social tools can help increase consumer confidence in the UK financial services industry and improve consumer protection.
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As the world has become more globalised and interconnected, it has boosted accessibility, availability, and reach. The traditional barriers have diminished to a greater extent. The phenomenon has opened up the vast landscape of financial services, among many other things.
Visit: https://m1nxt.blogspot.com/2024/03/empowering-your-finances-explore-top.html
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These regulations apply to the US - make sure that you check that your online marketing complies with legislation about your industry and for the markets you operate in.
This document has been posted on my SlideShare account for ease of access for students on my digital marketing programmes and to include in blog posts about the importance of compliance.
Learn how to make effective disclosures when advertising online. Issued March 2013 by the Federal Trade Commission. Presentation format provided as a convenience by Lucid Marketing.
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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Empowering Your Finances- Explore Top Financial Institutions and Services.pptxM1NXT
As the world has become more globalised and interconnected, it has boosted accessibility, availability, and reach. The traditional barriers have diminished to a greater extent. The phenomenon has opened up the vast landscape of financial services, among many other things.
Visit: https://m1nxt.blogspot.com/2024/03/empowering-your-finances-explore-top.html
FTC Dot-com How To Make Effective Disclosures In Your Digital AdvertisingKrishna De
Find the link to the document here http://business.ftc.gov/documents/bus41-dot-com-disclosures-information-about-online-advertising
These regulations apply to the US - make sure that you check that your online marketing complies with legislation about your industry and for the markets you operate in.
This document has been posted on my SlideShare account for ease of access for students on my digital marketing programmes and to include in blog posts about the importance of compliance.
Learn how to make effective disclosures when advertising online. Issued March 2013 by the Federal Trade Commission. Presentation format provided as a convenience by Lucid Marketing.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
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involves recognizing relationships between elements of the marketing mix (e.g.,
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The unsociable FSA's Dr Pepper moment
1.
2.
3.
4. In June 2010, the UK’s
Financial Services Authority
(FSA) issued guidance intended
for regulated financial services
businesses in the UK
5. In June 2010, the UK’s
Financial Services Authority
(FSA) issued guidance intended
for regulated financial services
businesses in the UK
Here’s what the guidance
suggests…
7. It also said stuff that’s difficult
to disagree with like…
8. It also said stuff that’s difficult
to disagree with like…
Use of social media should
ensure clear, fair and not
misleading communication
with clients.
61. Encoder Message Medium
So the rules of engagement are
determined by those with ability
to gain access to the medium…
62. Encoder Message Medium EncoderMessage
So the rules of engagement are
determined by those with ability
to gain access to the medium…
And the rules of engagement are
determined by those with ability
to gain access to the medium…
63. Provider Content Platform ProviderContent
You end up with a model where – so long as
they’re prepared to invest the time –
individuals possess the same potential as
organisations to publish content via platforms
64.
65. (As in socialist – everyone who’s able to can participate
equally in a common means of sharing and publication)
77. Rather than encouraging the use
of the medium for a vastly more
useful ambition:
To encourage consumer
engagement with financial
services businesses and so take
care of their personal financial
wellbeing
78. Rather than encouraging the use
of the medium for a vastly more
useful ambition:
To encourage consumer
engagement with financial
services businesses and so take
care of their personal financial
wellbeing
However people want to
79. Rather than encouraging the use
of the medium for a vastly more
useful ambition:
To encourage consumer
engagement with financial
services businesses and so take
care of their personal financial
wellbeing
However people want to and not
just how the FSA would prefer
them to
80. The FSA is seeking to regulate for
the worst that can happen and
not the best. Otherwise known
as…
81. The FSA is seeking to regulate for
the worst that can happen and
not the best. Otherwise known
as…
The Dr Pepper moment
82. But the FSA needs to pay
attention to its own statutory
objectives, which are…
85. Market confidence: Maintaining
confidence in the financial
system
Public awareness: Promoting
public understanding of the
financial system
Consumer protection: Securing
the appropriate degree of
protection for consumers
86. And the FSA needs to
heed its own principles of
good regulation too…
87. Proportionality: The restrictions
we impose on the industry must
be proportionate to the benefits
that are expected to result from
those restrictions
88. Proportionality: The restrictions
we impose on the industry must
be proportionate to the benefits
that are expected to result from
those restrictions
Innovation: For example
allowing scope, where
appropriate, for different means
of compliance so as not to unduly
restrict market participants from
launching new financial products
and services
89. Because by paying a
disproportionate amount of
attention to prevention of the Dr
Pepper moment…
90. Because by paying a
disproportionate amount of
attention to prevention of the Dr
Pepper moment…
The FSA may prevent consumers
from helping build a better UK
financial services industry
91. Like the way Starbucks
customers help the coffee-shop
brand enhance and design new
products and services
92. Or Lego enables its customers to
design the kind of products that
they’d like to buy themselves
93. Or the way in which 37Signals
enables greater transparency and
service experience for clients
thanks to tools like Basecamp
94. Or the way Trip Advisor enables
travellers to share their opinion
of destinations so people have
richer sources of information on
which to base choices…
95. And even effect improvements in
facilities by encouraging owners
of businesses to address issues
about the quality of their service
98. The use of social web platforms is
only going in one direction
99. In 2000 27% of the UK population
were online. In 2008 it was 76%.
86% of UK 18-24 year olds go
online each day.
And by 2013, 43.7 million UK
consumers will be online.
102. So consumer habits are changing…
Consumption of content is changing…
And consumer expectations of businesses are changing
103. Which means the FSA cannot ignore its own
principle of good regulation for innovation:
104. Which means the FSA cannot ignore its own
principle of good regulation for innovation:
Allowing scope, where appropriate, for
different means of compliance so as not
to unduly restrict market participants
from launching new financial products
and services
105. …when the most significant
participant in the marketplace
always has been – and always
will be – consumers
106. If the FSA continues to insist
on regarding the social web
primarily as a means of
pushing promotional
messages
107. Decoder Medium EncoderMessage
The rules of engagement will be
determined by consumers with the
ability to gain access to the medium…
108. Decoder Medium EncoderMessage
…while regulated businesses
will feel powerless to
confidently engage with them
The rules of engagement will be
determined by consumers with the
ability to gain access to the medium…
112. 6: Financial promotions industry update No 05 (June 2010), Financial Services Authority
22, 23 and 66: Campfire image by Kara Brugman
24, 67 and 105: ‘Al mercatodi campo de' fior’ by Pyno Moscato
25: Vaulted roof interior by Tim Caynes
26 and 68: ‘Lamb & Flag’ by Julia Manzerova
29-36: ‘Manuscript’ by Liz Muffet
37-40: Hoe’s one cylinder printing press image, Wikipedia
41-44: TV aerial image by Víctor Nuño
60: iPhone image by William Hook
110:Dr Pepper can, Coca Cola Great Britain press centre
Photography credits and sources