Our chair's views on the new social media consultation in twelve tweets

GC14-06 tweets are for those mildly interested in the FCA consultation on social media. They are my own personal views and understanding and should not be interpreted or used as compliance advice.

Tweet One: FCA consultation on use of social media is out – looks like business as usual for crowdfunding platforms. ow.ly/A0Ps6

Tweet two: More clarity on the all important ‘course of business’ test which requires a commercial interest or the communicator #GC14-06

Tweet three: If you don’t raise money for a living, *including* people with start up ideas raising funds, it’s not in the course of business

Tweet four: Folk who work in crowdfunding must take care to differentiate between personal and business communications #GC14-06

Tweet five on #GC14-06: Remember ALL communications must be fair, clear and not misleading ow.ly/A0Ps6

Tweet six: FCA sees the potential benefit of social media in promoting competition (1.6) ow.ly/A0Ps6 #GC14-06

Tweet seven on #GC14-06 NB Principle of balanced view of risk & rewards, don’t use past performance to predict future ow.ly/A0Ps6

Tweet eight on #GC14-06: helpful examples on use and prominence of risk warnings ow.ly/A0Ps6

Tweet nine: Where a recipient shares a firm’s communication, responsibility lies with the communicator, not the firm (2.17) #GC14-06

Tweet ten: BUT if a firm shares a customer’s communication, the firm is responsible, even when not the originator (2.17) #GC14-06

Tweet eleven on #GC14-06 A reminder that firms should have sign off procedures in place and keep their own records of communications

Tweet twelve: Read the consultation yourselves at ow.ly/A0Ps6 and respond by 06.11.14. Overall little change for authorised firms