New guidelines which will assist bankers with how to use Twitter and other social networking sites have launched this week in association with the Financial Conduct Authority.
Led by financial public relations firm Templars Communications in consultation with the FCA, The Social Media Charter is a new set of standards to help banks avoid the types of costly Twitter blunders that the likes of JPMorgan experienced last year.
In November 2013 a planned question and answer session on the platform triggered an onslaught of criticism for JPMorgan, and was quickly cancelled.
While not officially sanctioned, the FCA charter already has support from HSBC and Citibank.
“It is obvious that the financial services industry has to ensure that social media is only used in a responsible manner to avoid further mishaps,” said Stuart Popham, VP of EMEA banking at Citibank.
Once they have met the desired standard organisations will need to apply to be certified under The Social Media Charter.
“Our customers are increasingly choosing to communicate with us using social media so it’s desirable that we have clear standards to meet their expectations,” said UK chief executive of HSBC, Antonio Simoes.
(Source: The Financial Times.)