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Marketing your business on social media

Social media is a great tool to market your business to new clients and keep in touch with existing clients. But it’s important to remember your obligations under the Financial Markets Authority (FMA) Act.

The FMA has strict rules related to providing financial advice that apply to everyone, regardless of whether they’re having formal conversations with clients or posting on social media.

You cannot provide personalised financial advice through your marketing channels. However, it’s important to remember that the line between financial knowledge and providing financial advice can be blurred.

With that in mind, here’s a few things to remember when you’re talking about financial matters in your marketing:

  • Keep it general. It’s fine to talk about concepts and ideas. However, if you were to name the specific product or tell people directly to act, or not, it could be interpreted as giving regulated financial advice.

  • Facts are fine but be careful with opinion. When you need to talk about specific products make sure you state information as a fact and don’t give your opinion on it.

The FMA gives this as an example:

This would be OK: “ABC Banks’ Credit Card has retail rewards points that earn you 10 points for every dollar you spend.

But this would likely cross the line: “ABC Bank’s credit card with retail rewards points is the best credit card out there and you should get one.”

You should also apply social media best practice when it comes to comments on social posts or content. You’re not responsible for what people say in relation to your online content, but it’s good to keep an eye on it regardless. If anyone posts something you feel could constitute regulated financial advice, delete it.

Online platforms are a great way to market you and your skills, as well as engage with new customers. But it’s important to think about what you provide customers. We’ll continue to keep an eye on it all and share our insights with you.

For more information on this topic visit - A guide to talking about money online.