Social media strategies receive shake-up from ASIC
Superannuation funds need to review their social media strategies in the wake of ASIC's new advertising guidelines, according to Holding Redlich Lawyers.
Regulatory Guide 234 (RG234), which builds on Consultation Paper 167 (CP167) and deals with advertising in the financial services sector, states that advertisements must be balanced, and not mislead or deceive their intended audience - including when they are distributed online.
Holding Redlich partner Dan Pearce warned that the limitations of particular media, "such as character limits imposed by Twitter", would not be accepted by ASIC as an excuse for producing misleading advertisements.
ASIC has stepped back from its proposal in CP167 that online advertisements must be completely contained to the extent that consumers should not need to "click through" in order to access disclaimers or qualifications.
But links to a disclosure statement on another document or website will not compensate for a deceptive headline, Pearce said.
Pearce said RG234 was a "valuable tool" for superannuation funds, since they were no longer "in limbo" when it came to social media.
"Now they know what to avoid, and they can develop strategies accordingly," he said.
According to the guidance, sounds and images in online videos must not distract from key messages and warnings; disclaimers must be comprehensible and not scroll too quickly; and promoters and publishers must consider whether social networking services are an appropriate medium through which to advertise financial products and services.
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