FCA Financial Promotions: Social Media Rules (COBS 4.10)
Social Media Specific Rules [COBS 4.10]
Rule: Social media posts promoting financial products must comply with all rules, including character limits.
Requirements:
- Must still be fair, clear, not misleading
- Risk warnings must be included (not just linked)
- Image-only posts must include required text
- Influencer posts need clear disclosure
Character limits don’t excuse: If you can’t fit required warnings, you can’t make the promotion
Source Text (FG24/1 - Social Media Guidance)
Where a firm communicates a financial promotion via social media, this must comply with the rules on financial promotions, including the requirement to be fair, clear and not misleading.
A firm should not assume that because a piece of communication is short, it will automatically be compliant. The firm must still ensure that any statements made are accurate and capable of being substantiated.
If a firm cannot include mandatory disclosures (such as risk warnings) within a social media post, then the firm should not make that promotion on social media.
On influencer marketing: Where a firm engages an influencer to promote its products or services, the firm remains responsible for ensuring that the communication complies with financial promotion rules.
Citation
FCA FG24/1 Social Media Guidance