About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, April 16th, 10:55PM
rss
Latest Headlines

Don't get caught in social media web, advisers warned

If you promote yourself or your services through social media, watch out -  the Financial Markets Authority (FMA) may not like everything it sees online.

Wednesday, January 30th 2013, 12:01PM

by Benn Bathgate

Independent Development Solutions director Barry Read said advisers needed to be aware of potential compliance pitfalls when using social media.

He said issues could arise because the FMA viewed social media – websites such as Facebook, Twitter and LinkedIn – as advertising.

“Regardless of whether communications involve a Facebook post or an e-blast to customers, they are considered to be advertising,” he said.

“Social media content must meet the regulatory and disclosure requirements relative to numerous consumer compliance regulations.”

The FMA has warned against using the acronym RFA in adviertising and also requires that AFAs state in their advertising that a disclosure statement is available - both potential problems when communicating via social media.

Read highlighted the need to include disclosure statement information in a guide he has created for compliant social media use, saying advisers needed to consider whether any social media communication could be considered generic or personalised advice, and whether they were keeping copies for documentation of all electronic communications.

He said that for email messages promoting products or services, advisers also had to consider anti-spam laws, including clear information for recipients on opting out or unsubscribing and the inclusion of a physical postal address.
 

Group Plus Ltd financial services manager Owen Grauman said advisers should consider the audience for their social media communications.

“Social media does work but it depends on how it is used to target the audience that you want to engage with,” he said.

“It does not work unless it is tailored and one takes the time to work on social media marketing and building up rapport with individuals.”

He cited KiwiSaver and the confusion around whether RFAs could or could not provide advice as one particular issue they had to be mindful of when using social media.

 

 

Benn Bathgate is a business reporter for ASSET and Good Returns, email story ideas to benn@goodreturns.co.nz

« Leitch: Don't change the rules alreadyFund managers call for level playing field »

Special Offers

Comments from our readers

No comments yet

Add your comment:
Your name:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Good Returns go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Call for Govt to come clean on intentions
    “Pragmatic, I take it that you think fundmanagers should have in-depth knowledge of each clients financial situation, goals...”
    11 hours ago by Harrassed
  • Hughes' advice to new FMA CEO Rob Everett
    “From what I hear from afar Philip, Rob has made a great start. Given the legacy I and my team inherited (over 30 incomplete...”
    12 hours ago by Sean Hughes
  • Pricing chaos in home loan market
    “Leaving aside what the ANZ economists are saying about “competition” ANZ remains as of today the only main bank to have...”
    12 hours ago by Amused
  • Welcome Home Loans to expand
    “As a mortgage Adviser I would like to see ANZ, ASB, Sovereign & Resimac included as lending options for clients also with...”
    14 hours ago by Geoff
  • Call for Govt to come clean on intentions
    “Well said John Berry 1, 2 & 3 - that's what all advisers who use the Aegis platform have had in place all along And...”
    15 hours ago by Bill
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 6.49 5.69 6.29 6.40
AMP Home Loans $200k+ 6.39 5.59 5.99 6.30
AMP Home Loans LVR <80% - - 5.99 -
ANZ 5.99 5.85 6.49 6.85
ANZ LVR > 80 5.99 6.35 6.99 7.35
ANZ Special - - 5.95 -
ASB Bank 6.00 5.85 6.49 6.85
ASB Bank Special - - - -
BankDirect 6.00 5.85 6.49 6.85
BankDirect Special - - - -
BNZ - Classic - - 5.95 -
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.19 5.85 6.29 6.29
BNZ - Mortgage One 6.60 - - -
BNZ - Rapid Repay 6.19 - - -
BNZ - Std, FlyBuys 6.19 5.85 6.29 6.29
BNZ - TotalMoney 5.99 - - -
Credit Union Auckland 6.20 - - -
Credit Union Baywide 5.85 5.90 6.50 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Fidelity Life 5.70 5.40 6.00 -
Lender Flt 1yr 2yr 3yr
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 5.90 ▲5.60 ▲5.99 ▲6.35
HBS LVR > 80% - - - -
Heartland 5.95 6.25 6.50 7.10
Heretaunga Building Society 5.75 5.50 6.30 -
Housing NZ Corp 5.75 5.50 6.30 6.40
HSBC Premier 6.24 5.59 6.29 6.55
HSBC Premier LVR > 80% - - - -
HSBC Special - - 5.79 -
Lender Flt 1yr 2yr 3yr
Kiwibank 5.90 5.69 5.99 6.40
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 5.60 - - -
Kiwibank LVR > 80% - - 6.29 6.40
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.45 5.95 6.60 -
NZ Home Loans 6.10 5.69 6.29 6.60
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.14 7.49 8.05
RESIMAC LVR < 80% 5.84 5.64 5.99 6.55
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 85% 6.84 6.64 6.99 7.55
RESIMAC LVR < 90% 7.84 7.64 7.99 8.55
SBS Bank 5.90 ▲5.60 ▲5.99 ▲6.35
SBS LVR < 80% - - - -
Silver Fern 5.95 6.10 6.55 7.05
Southern Cross 5.95 6.25 6.50 7.10
Sovereign 6.10 5.85 6.49 6.85
Sovereign Special - - - -
The Co-operative Bank 5.95 5.65 5.99 6.35
TSB Bank 6.04 5.40 5.99 6.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.74 5.85 5.95 6.85
Westpac - Capped rates - 6.19 6.69 -
Westpac - Offset 5.74 - - -
Median 6.00 5.85 6.29 6.85

Last updated: 15 April 2014 9:01am

News Quiz

Who delivered FMA's quarterly briefing in Auckland last week?

new chief executive Rob Everett

Head of Enforcement Belinda Moffat

Head of Compliance Monitoring Elaine Campbell,

Chairman Simon Allen

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com