Every industry has its own terminology and acronyms. It can take a while to get to know them all and feel like you have a real understanding of the sector you work in.
Marketing is no exception – any Marketing professional will have had to familiarise themselves with a wealth of jargon. ROI, anyone? CTA? PPC? We’re as guilty as anyone when it comes to creating abbreviations and baffling terms.
But the Marketing profession pales into insignificance when compared to the amount and complexity of terminology used when talking about financial regulatory compliance.
The world of regulatory compliance can be a confusing one, and nowhere more so than in the financial services sector.
The terms used, the complexity of the language and the very nature of compliance – the need to define terms with absolute clarity for avoidance of ambiguity – mean that when it comes to jargon, financial compliance is pretty much unmatched!
The challenge for financial services Marketers
Any Marketer joining the world of financial services marketing needs to get to grips with this terminology pretty swiftly.
Regulatory compliance is a big element of any marketing activity in the financial services sector, – and in any other sector that’s heavily regulated, like the legal profession.
Ensuring your financial promotions (even marketing materials have their own name in the regulated world!) meet FCA standards is essential.
This means quickly getting up to speed with the regulator’s financial promotion rules. And a big part of this is understanding the terminology used to describe promotions and their approvals process.
Some of the terms used by the regulator appear again and again. The FCA is keen to ensure that promotions are clear, fair and not misleading; knowing what this means is key.
Likewise, understanding the regulator’s definitions of, and requirements around, fair treatment of customers; the suitability of promotions; disclaimers and disclosures and prominence is essential for all regulated Marketing Managers.
Understand the sector’s terminology to ensure you’re compliant
Making sense of the terms used and the regulatory imperatives that underlie them is the key to success.
Here are some tips to help:
- Get to know the way the FCA speaks, and what it cares about. At the heart of many of the regulator’s requirements is a desire to deliver better outcomes for consumers and clients. Having an understanding of the Authority’s objectives will help you to decode its rules.
- Communications from the FCA can be jargon- and acronym-heavy. This is where your Compliance team are your allies. They will be well-versed in translating the Authority’s requirements into practical action points. Read our blog on why collaboration is the key to better marketing for more on this.
- Keep on top of the demands your regulator makes of you. Rules change; new terminology comes along. Keeping abreast of the requirements is key. Our blog on how to be a better regulated marketing manager has tips.
In a regulated industry, marketing compliance matters and it’s vital that your approach is up to scratch.
Follow our advice above and you will be on the right path. And if you’re baffled by financial compliance jargon, you can download a copy of our financial compliance glossary. The glossary is free and you can download your copy from our resource library.
Nothing in this document should be treated as an authoritative statement of the law. Action should not be taken as a result of this document alone. We make no warranty and accept no responsibility for consequences arising from relying on this document.