Loans by social media?

The Financial Services Authority (FSA) has produced new guidelines on using social media for the promotion of regulated products. And not before time, those these measures are just guidance rather than firm regulations.

Don’t you just hate those TV ads where Phil Tufnell or Carol Vorderman entice you into a loan that claims to solve all your financial worries, yet actually locks you into the bank for a couple of decades?
The banks (and lower end regulated firms) seem to have been more responsible than to have transferred these garish ad campaigns to social media just yet, perhaps afraid of advertising using a new unregulated medium – so these guidelines will help chart the way.
There will be a lot of account interactions that could be further integrated into social media outlets – not just advertising, but the service itself. I’m interested in thinking more about how banks could take advantage of their customers in a more social way, while still preserving security.

National Provincial Bank England - Piccadilly

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