social media

Andrew Hill

The FCA: not to blame for social media caution (Chris Ratcliffe/Bloomberg)

Some British banks have a long way to go with social media. At a conference on Wednesday morning, one institution admitted its tweets were vetted by no fewer than eight different departments before they were sent.

The financial sector’s attitude to social media regulation seems to be a mix of fear and loathing. On a show of hands, only a couple of delegates at the Social Media Leadership Forum, where I was a speaker, revealed they were not scared about using social media, even though most believe it is a great opportunity. In part, this is because companies are waiting for guidance from the Financial Conduct Authority, first promised for early 2014, that the FCA says is now due later this summer. Even after this extended wait, the proposals will be subject to consultation before they are finalised. Meanwhile, other sectors’ social media strategies are evolving at web-speed. Read more

Emma Jacobs

One poor woman is performing a song at a social media conference. Wait for the chorus: “social”.

http://www.youtube.com/watch?v=itvvFfeLh84#t=86 Read more

As the social networking industry hits its 10th anniversary, those at the top are doing well. Twitter will soon undergo an initial public offering that may value it at $15bn and Facebook has recovered from its rocky IPO last year so swiftly that the 20 per cent stake owned by Mark Zuckerberg, its founder, is now worth $24bn.

Andrew Hill

 

It’s time to scotch the idea that because Twitter is a new medium, it requires companies to adopt entirely novel rules of behaviour for employees. The departure of Business Insider chief technology officer Pax Dickinson and the embarrassment of Ian Katz, BBC Newsnight editor, both as a result of inappropriate tweets, illustrate the point.

These men may have been using new-fangled tools, but they made old-fashioned errors of taste, judgment and behaviour, to which old-fashioned corporate codes of conduct should apply. Read more

Ravi Mattu

I had an interesting reader email to my column today on why the improved relevance of the recommendations sent to me by social networks such as Twitter and LinkedIn is not a good thing for managers. If you are only fed information based your likes and previous behaviour, you aren’t going to stumble on to ideas that challenge your assumptions, and that is surely bad for innovation and creative thinking.

So, the reader asked, does this mean he should also “stop reading the FT obsessively?”

Quite the opposite – but I suppose I would say that.

But this does highlight another risk for how you access news and information. Where in the past, readers relied on editors and trusted brands to do the curating for them, increasingly readers are doing this for themselves. Read more

Andrew Hill

The digerati are having fun with the Securities and Exchange Commission’s ruling that US companies can use social media to distribute market-sensitive information such as earnings reports. “Facebook Flap Forces SEC Into 21st Century,” says Forbes.

Not so fast. The US regulator’s decision to drop its inquiry into Reed Hastings, Netflix’s chief executive, who boasted about new viewing figures on his personal Facebook page, is only an incremental advance into the new millennium. It makes sense for the SEC to acknowledge the growing use of social media (I’m guessing more people saw Mr Hastings’ Facebook post than have viewed any regulatory announcement in corporate history), but I don’t think the decision will prompt fearful CEOs to tweet their earnings much more than they do already – and, even if it does, it won’t make much difference to investors. Read more