In its latest Market Watch briefing, the Financial Conduct Authority warns advisers off WHATSAPP useage. The FCA warns, “The pandemic has had a significant effect on how businesses are run, with changes to technology and increased homeworking, which may in some cases be long lasting.”

Risks from misconduct may be heightened or increased by homeworking. This includes increased use of unmonitored and/or encrypted communication applications (apps) such as WhatsApp for sharing potentially sensitive information connected with work. Use of such apps can present challenges and significant compliance risks, since firms will be less able to effectively monitor communications using these channels.

In summary, the FCA state that there is no specific restriction on the technologies or apps firms can use for communications. However, “in all cases firms must understand the recording obligations and have effective policies, controls and oversight to ensure that these are met.”

This final line puts paid to almost all retail FS social media campaigns.