While businesses would do well to incorporate social media practices into their marketing and customer service strategies, compliance is always going to be a concern. Financial companies bear a particular burden when considering how to incorporate social networking into their work environments. Regulators find it also increasingly difficult to devise comprehensive rules for social networking compliance as the landscape of Internet media is a swiftly changing one. But the Financial Conduct Authority in the United Kingdom has been working on regulations that have been praised for their clarity by those in the web media industry. Hard guidelines are expected to be issued very soon.
FT Advisor notes that the FCA is an active participant in social media as well, and that it has asked for feedback from users as to how it can better its social media strategy, so the regulatory body is no stranger to the important effect that social media can have on businesses. FT Advisor quotes Martin Bamford of Informed Choice, a financial advice company: