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.
Addressing Specific Challenges And E Media In Fs Alpesh Doshi
- 1. Addressing the Specific Challenges of social media in Financial ServicesAlpesh Doshi Fintricity
- 2. AgendaIntroduction to the Social Media LandscapeRegulatory and Legal IssuesManaging 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 ........ InteractionIt’s about ........ CollaborationIt’s about ........ Content Sharing
- 4. Social Media LandscapeLarge and growing social media applicationsConsumers across the demographic (18-40)Social Networks are becoming a part of daily lifeFinancial Applications starting to emerge......
- 5. Social Media LandscapeP-to-PLendingPFMSOCIAL MEDIAWEB 2.0 - UGCBloggingSocialNetworkingVirtualWorldsCustomerReviewsMicroBloggingWidgetsPredictiveMarketsPhoto/ VideoSharingRSSPodcastsInspired 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 CustomerTo help Marketing and Brand DevelopmentBuild Trust in your BrandUnderstand needs and drivers of consumersDriver loyalty and advocacyInput to Product DevelopmentSocial NetworksApplicationsBlogsMonitorHow?
- 8. Legal and Compliance IssuesFSA Regulatory IssuesLiability IssuesPrivacy Issues
- 9. Regulatory OverviewFinancial Services and Markets Act 2000Regulates Advertising of financial productsConduct of Business Source Book (COB) 4Clear, fair and not misleadingWarnings on Past & Future PerformanceSpecific Information when a direct offer is communicated
- 10. FSA Remedies - recapFSA can require amendment of a promotionRequire an Advertiser to contact customersFine and publicly name offenders
- 11. Risk Assessment and ManagementWhen is the use of Social Media considered to be promotion?Case by Case basisWhere does the content come from? UGC or not?Role of Compliance to answer
- 12. Legal ProtectionIt’s a new business world, but same legal principlesInvolve compliance at design stageNot just the wording but design and structureAnticipate future uses
- 13. Liability IssuesEmployers’ vicarious liabilityOffences DefamationDiscriminationInsider TradingTipping Off
- 14. Legal Risk ManagementAnticipate potential risksUse and take down policy Role of Community ManagersEmployee use Policy
- 15. Overview of Privacy LegislationData Protection Act 1998Regulates processing of personal dataMeaning of Personal Data?Meaning of Processing?
- 16. Overview of Privacy LegislationWho is the Data Controller?What are its legal obligations?Obtaining Consent (from the data subject)Information to be provided to subjectsSecurity
- 17. New Privacy GuidanceArticle 29 Working PartySpecific Guidance on Social Network ProvidersBest Policy RecommendationsWarning to Users regarding privacy risks when uploading informationReminder to users if uploading other individuals’ data, they need consent
- 18. What should you do about Privacy?Need for specialist privacy guidanceRole of consent and privacy policyImportance of Security (protecting user data from other sites)A security model must be put around services
- 19. ConclusionsSocial Media is already here!Brands are keen to reach their customers and learn more about themConversations and Interactions are common outside financial services Driven by brand, transparency, interactionNew business world same legal principlesNeed to involve legal and compliance from design stageMonitor use of social media and social networks Use of terms and user policies
- 20. Thank youweb: www.fintricity.commobile: +44 7973 822820email: alpesh.doshi@fintricity.comblog: www.alpeshdoshi.comtwitter: www.twitter.com/alpeshdoshiskype: alpeshdlinkedin: www.linkedin.com/in/alpeshdoshi
Editor's Notes
- #3: Consumers across the demographic (part of the mainstream)
- #4: Key Characteristics of Web 2.0 I C C
- #5: Consumers across the demographic (part of the mainstream)
- #6: Types of Services: ntomanage your share portfolios
- #7: Types of Services: Portfolio Monkey to manage your share portfolios
- #8: 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.
- #12: 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
- #13: 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
- #14: 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
- #15: Use and take down policy -
- #16: 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
- #17: 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
- #18: Article 29 Working Party – EU Privacy Body (the article sets up the body under the directive)
- #19: Data Security is important not just from a legal compliance perspective, but