The Financial Conduct Authority has expressed its concerns about companies within the financial industry using social media sites to inform and promote their offers and business to consumers. The main issue is that most of the social media sites only allow you to create a post that is a certain amount of characters long. The FCA states that any promotion or advertisement that is offered to the public must contain all the relevant information about it, on social media websites this is not always the case and often the financial companies have not go the space to do so.

This does not mean that the financial sector cannot use social media websites as a form of marketing, but that they must be very careful about what they are sending out. If they cannot give enough detail about a product or service, then they should not use the social media sites to promote it.