Finalised Guidance FG24/1
定稿指南 FG24/1

Contents 內容

Introduction … 3 簡介 ... 3
Financial promotions on social media … 7
社交媒體上的財務促銷 ... 7
Marketing strategies … 23
行銷策略 ... 23
Influencers and social media platforms … 28
影響者和社交媒體平台 ... 28
Annex 1 附件一
Feedback Statement … 34 回饋聲明 ... 34
Annex 2 附件二
Abbreviations used in this paper … 45
本文使用的縮寫 ... 45

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查看我們所有的最新新聞稿、諮詢和演講。

Chapter 1 第一章

Introduction 簡介

1.1 This Guidance clarifies our expectations of firms and others, such as influencers, communicating financial promotions on social media. Our financial promotion rules are technology neutral and apply across all channels used to advertise, including social media.
1.1 本指引闡明我們對在社交媒體上傳播金融促銷訊息的公司及其他人士 (例如影響者) 的期望。我們的金融促銷規則是技術中立的，適用於所有廣告管道，包括社交媒體。
1.2 Under the Consumer Duty (the Duty), financial promotions must support retail customer understanding and communicate information to retail customers in a way that equips them to make effective decisions. We want firms to consider this Guidance alongside their obligations under the Duty to deliver good outcomes for retail customers.
1.2 根據《消費者責任》(下稱「責任」)，金融促銷必須支持零售客戶的理解，並向零售客戶傳達資訊，使他們能夠作出有效的決定。我們希望企業在考慮本指引時，同時考慮其在責任下為零售客戶提供良好結果的義務。
1.3 We expect financial promotions to be standalone compliant. This means that each communication must comply with our rules when considered individually.
1.3 我們期望金融促銷是獨立合規的。這表示每項通訊在單獨考慮時都必須符合我們的規則。
1.4 We expect promotions to provide a balanced view of the benefits and risks, and clearly communicate information that will help consumers make effective, well-informed decisions. Firms should consider factors such as their target audience, what recipients need to know, the kind of decision to be made by recipients, and where confusion could arise in determining how to support consumer understanding.
1.4 我們期望促銷活動能提供利益與風險的平衡觀點，並清楚傳達有助消費者做出有效且知情決定的資訊。企業在決定如何協助消費者瞭解時，應考慮各種因素，例如其目標對象、接受者需要知道的事、接受者要做的決定種類，以及可能產生混淆的地方。
1.5 Some promotions will require specific information, such as a risk warning with prescribed wording, to be displayed prominently. Firms should also be aware of any additional requirements for how this required information is to be displayed. For example, in promotions for high-risk investments (HRIs), we expect the prescribed risk warning to be displayed throughout the promotion and not to be obscured or truncated by a design feature of the social media platform.
1.5 有些促銷活動會要求在顯眼處展示特定的資訊，例如具有指定字眼的風險警告。企業也應注意如何展示這些規定資訊的任何附加要求。例如，在高風險投資(HRIs)的促銷活動中，我們希望規定的風險警告在整個促銷活動中顯示，而不是被社交媒體平台的設計功能遮蓋或截斷。
1.6 Firms working with affiliate marketers, such as influencers, should take proactive responsibility for how their affiliates communicate financial promotions. This includes having appropriate monitoring and oversight systems to ensure that affiliates understand their responsibilities and do not communicate illegal or non-compliant financial promotions. Firms remain responsible for the compliance of every promotion they make or cause to be made.
1.6 與聯屬行銷人員 (例如有影響力的行銷人員) 合作的公司，應主動負責其聯屬人員如何傳達金融促銷訊息。這包括有適當的監督和監督系統，以確保聯屬行銷人員瞭解他們的責任，並且不會傳達非法或不合乎規定的金融促銷。公司仍需對其所進行或促成的每項促銷活動的合規性負責。
1.7 Unauthorised persons, such as influencers, who promote financial products or services that are subject to regulation without the approval of an FCA authorised person may be committing a criminal offence.
1.7 未經 FCA 授權人士批准而推廣受監管的金融產品或服務的未獲授權人士（如影響者）可能觸犯刑事罪行。
1.8 Even when an influencer does not have a commercial relationship with a firm, their communications on social media about financial products or services may still be subject to the financial promotion restriction and require approval to communicate.
1.8 即使有影響力的人士與公司沒有商業關係，他們在社交媒體上就金融產品或服務進行的溝通仍可能受金融促銷限制，需要獲得批准才能進行溝通。
1.9 Influencers should consider whether they are the right person to promote a product or service. They should also consider what other rules and standards apply to their activities. This includes the Advertising Standard Authority’s (ASA) expectation that they must label their content as an advertisement upfront (including affiliate links) if they get any form of payment.
1.9 影響者應考慮他們是否適合推廣產品或服務。他們也應考慮有哪些其他規則和標準適用於他們的活動。這包括廣告標準管理局 (Advertising Standard Authority, ASA) 的期望，即如果他們獲得任何形式的報酬，必須事先將其內容標示為廣告（包括聯盟連結）。

Background 背景資料

1.10 Social media is an increasingly important part of firms’ marketing strategies, allowing them to reach a large audience with greater speed and frequency. However, poor quality financial promotions on social media can lead to significant consumer harm due to their wide reach and the complex nature of many financial products and services.
1.10 社交媒體在企業的行銷策略中扮演越來越重要的角色，讓企業能以更快的速度和更頻繁的方式接觸大量的受眾。然而，社交媒體上的劣質金融促銷活動可能會因為其廣泛的接觸面以及許多金融產品和服務的複雜性而對消費者造成重大傷害。
1.11 In 2023, we consulted on updated guidance for financial promotions on social media. We want to clarify our expectations of firms and address consumer harm that we’ve seen arising from new and emerging features of social media. Having considered the feedback, we are replacing our previous Guidance (FG15/4: Social media and customer communications) with this Guidance. The Feedback Statement in the Annex summarises the feedback, along with our responses.
1.11 在 2023 年，我們就社交媒體上金融促銷的最新指引進行諮詢。我們希望釐清對企業的期望，並解決我們所見的社交媒體新興功能對消費者造成的傷害。經考慮回饋意見後，我們以本指引取代先前的指引 (FG15/4：社交媒體與客戶溝通)。附件中的「反饋聲明」總結了反饋意見以及我們的回應。
1.12 The Guidance below does not create new obligations for firms. Rather, it indicates how firms might approach complying with their existing regulatory obligations. The Guidance is also not exhaustive and is not a complete description of the steps which firms should take when communicating financial promotions or approving them for communication on social media. It is up to firms to decide how to ensure that a financial promotion complies with our rules.
1.12 以下《指导意见》并没有为企业规定新的义务。相反，本指引指出商號可如何履行其現有的監管責任。本指引亦非詳盡無遺，不能完整描述商號在社交媒體上傳播金融推廣或批准傳播金融推廣時應採取的步驟。企業可自行決定如何確保金融促銷符合我們的規則。

Who this Guidance affects
本指南的影響對象

1.13 This Guidance will be relevant to:
1.13 本指南適用於：

Authorised persons involved in communicating or approving financial promotions on social media.
涉及在社交媒體上傳播或批准金融促銷的獲授權人士。
Unauthorised persons, including influencers or other affiliate marketers, involved in communicating financial promotions on social media.
涉及在社交媒體上傳播金融促銷訊息的未經授權人士，包括影響者或其他聯盟營銷人員。
Trade bodies that represent the above groups.
代表上述團體的貿易機構。

How this links to our objectives
這與我們的目標有何關聯

1.14 The Guidance advances our objectives of securing an appropriate degree of protection for consumers and ensuring that markets function well. By updating our expectations, we aim to promote better compliance by market participants who promote financial products and services. Consumers in turn should be better informed and aware of the risks involved in purchasing financial products and services, helping them to make better decisions that are aligned with their needs and risk profile. Informed consumers are less
1.14 《指引》的目標是為消費者提供適當程度的保障，並確保市場運作良好。通過更新我們的期望，我們旨在促使推廣金融產品和服務的市場參與者更好地遵守規定。反過來，消費者在購買金融產品及服務時，應獲得更多資訊，並更清楚知道所涉及的風險，有助他們作出更符合本身需要及風險狀況的決定。知情的消費者較不會
likely to experience unexpected loss and loss of trust in financial services. This supports sustainable economic growth in line with our secondary international competitiveness and growth objective.
有可能遭遇意想不到的損失，並對金融服務失去信任。這有助於可持續的經濟成長，符合我們的次要國際競爭力和成長目標。
1.15 This Guidance supports the FCA Strategy commitment of enabling consumers to help themselves, and our goal of reducing the number of consumers investing in HRIs who have a low-risk tolerance or one or more characteristics of vulnerability by 2025. Consumers need good information to make good investment decisions. But this doesn’t always happen. Instead, they’re often targeted with adverts that are illegal, unclear, unfair or misleading. An increasing number of consumers are turning to social media for investment information. It is crucial that they are given information that equips them to make effective, timely and properly informed decisions. This will enable them to make decisions in line with their risk appetite.
1.15 本指引支持FCA策略的承諾，即讓消費者能夠自助，以及我們的目標，即在2025年前減少投資於HRI的低風險承受能力或有一個或多個弱勢特徵的消費者人數。消費者需要良好的資訊才能做出正確的投資決定。但這並不總是發生。相反，他們經常被非法、不清晰、不公平或誤導的廣告所吸引。越來越多的消費者轉向社交媒體尋求投資資訊。向他們提供能讓他們做出有效、及時和適當決策的資訊至關重要。這將使他們能夠做出符合其風險承受能力的決策。
1.16 We have set out our vision for how the core features of the Consumer Investments market need to work for the sector to collectively function well. This Guidance supports our aim of ensuring consumers have access to information that is proportionate to the complexity of the investment and decision involved, helping them make good decisions. It also reflects our ambition for regulation that supports consumers to accept responsibility for their investment decisions, through being supported to understand the features and risks of the products and services being offered to them.
1.16 我們已就消費者投資市場的核心特點提出了願景，以確保該行業整體運作良好。本指引支持我們的目標，即確保消費者能夠獲得與所涉及的投資和決策的複雜程度相稱的資訊，幫助他們作出明智的決策。本指南也反映了我們對監管的期望，即透過協助消費者瞭解所提供產品和服務的特點和風險，讓他們為自己的投資決定承擔責任。

Equality and diversity considerations
平等與多樣性考量

1.17 We are required under the Equality Act 2010 to have due regard to the need to eliminate discrimination, harassment, victimisation, and any other conduct prohibited by or under the Act, advance equality of opportunity between persons who share a relevant protected characteristic and those who do not, and to foster good relations between people who share a protected characteristic and those who do not.
1.17 根據《2010 年平等法》，我們必須充分考慮消除歧視、騷擾、傷害以及該法禁止或規定禁止的任何其他行為的需要，促進具有相關受保護特徵者與不具有相關受保護特徵者之間的機會平等，並促進具有受保護特徵者與不具有受保護特徵者之間的良好關係。
1.18 This Guidance will not disadvantage or inadvertently discriminate against persons with protected characteristics under the Equality Act of 2010. It seeks to protect all consumers from harm. To the extent that people with protected characteristics are particularly at risk of being targeted by illegal or non-compliant financial promotions, updating our guidance on financial promotions on social media may benefit people with protected characteristics.
1.18 本指南不會對 2010 年《平等法》（Equality Act of 2010）中具有受保護特徵的人士造成不利或無意中的歧視。它旨在保護所有消費者免受傷害。如果具備受保護特徵的人士特別容易成為非法或違規金融促銷的目標，更新我們關於社交媒體上金融促銷的指引可能會讓具備受保護特徵的人士受惠。

Costs and benefits of our proposals
我們建議的成本與效益

1.19 As we are not making new rules, our statutory obligation under FSMA to publish a cost-benefit analysis (CBA) does not apply. This Guidance seeks to clarify the application of our existing rules and policies and provide guidance on the financial promotion perimeter.
1.19 由於我們並非制定新規則，因此《金融服務及市場法令》規定我們發表成本效益分析的法定責任並不適用。本指引旨在闡明我們現行規則和政策的適用範圍，並就金融推廣範圍提供指引。
1.20 Our approach to CBAs states that we produce a CBA for guidance about rules ‘if a high-level assessment of the impact of the proposal identifies an element of novelty which may be in effect prescriptive or prohibitive such that significant costs may be incurred’. This Guidance is not prescriptive and clarifies existing expectations that follow from the relevant rules. So, we do not provide a CBA for this Guidance.
1.20 我們對 CBA 的處理方式規定，「如果對提案影響的高層次評估發現有新穎性元素，而該元素實際上可能是規範性或禁止性的，因而可能產生重大成本」，則我們會針對有關規則制訂 CBA 指導。本「指引」並非規範性，而是闡明相關規則所衍生的現有預期。因此，我們不為本指引提供成本效益分析。

The regulatory regime 監管制度

1.21 This Guidance has been written based on the regulatory regime in place at the time of publication. It reflects the landscape at the time of writing and should be taken in this spirit rather than as exhaustive. Firms should consider this Guidance alongside the relevant rules and legislation, and other policies such as those from the ASA.
1.21 本指南根據出版時的監管制度編寫。它反映了撰寫時的情況，應以此為精神，而不是詳盡無遺。企業應將本指引與相關規則、法例及其他政策（例如澳洲證券及期貨事務監察委員會的政策）一併考慮。
1.22 As this is guidance, it does not fall under our Rule Review Framework and is not subject to the framework’s monitoring requirements.
1.22 由於這是指引，因此不屬於我們的「規則檢討架構」，也不受該架構的監督規定所限。

Chapter 2 第二章

What is a financial promotion?
什麼是財務促銷？

Abstract 摘要

2.1 Under section 21 (s21) of the Financial Services and Markets Act 2000 (FSMA), a person must not, in the course of business, communicate an invitation or inducement to engage in investment activity. This is known as the financial promotion restriction. The financial promotion restriction does not apply if:
2.1 根據《2000 年金融服務與市場法》(Financial Services and Markets Act 2000, FSMA) 第 21 條 (s21) 規定，任何人不得在業務過程中傳達從事投資活動的邀請或誘惑。這就是所謂的金融促銷限制。在下列情況下，金融促銷限制不適用：

the promotion is communicated by an authorised person
促銷活動是由授權人士傳達的
the content of the promotion is approved by an appropriate authorised person or
促銷內容已獲得適當授權人員的批准，或
an exemption in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO) applies
適用《2000 年金融服務與市場法》（金融推廣）2005 年法令 (FPO) 中的豁免規定

Abstract 摘要

2.2 In this context ‘engage in investment activity’ is not limited to investment services and covers a wide range of financial services and products. In addition, a person whose business activity does not require authorisation may still find their communications are captured by the financial promotion restriction. Chapter 8.7 of the Perimeter Guidance Manual (PERG) provides more detail on this. This Guidance will refer only to engaging in investment activity, but its principles also apply to invitations or inducements to engage in claims management activity, which are also captured by the financial promotion restriction.
2.2 在此情況下，「從事投資活動」並不僅限於投資服務，而是涵蓋廣泛的金融服務和產品。此外，業務活動不需要授權的人仍可能發現他們的通訊受到金融促銷限制。週邊指引手冊》(PERG) 第 8.7 章提供更多相關詳情。本指引僅指從事投資活動，但其原則也適用於邀請或誘使從事索賠管理活動，這些活動也受金融促銷限制。

2.3 For the purposes of the financial promotion restriction, ‘communicate’ includes causing a communication to be made.
2.3 就財務宣傳限制而言，「溝通」包括導致溝通。
2.4 The financial promotion restriction has a broad territorial application. It applies even where a communication originates outside the UK if it is capable of having an effect in the UK. A breach of 21 is a criminal offence which is punishable by up to 2 years imprisonment, the imposition of an unlimited fine, or both.
2.4 金融促銷限制具有廣泛的地域適用性。即使通訊源自英國境外，只要能在英國產生影響，該限制也適用。違反限制屬刑事罪行，最高可處兩年監禁、無限額罰款，或兩者兼施。
2.5 To assist understanding of when the financial promotion restriction applies, Figure 1 below provides a visual explanation of the tests involved in determining when a promotion is subject to the restriction.
2.5 為了幫助理解金融促銷限制何時適用，以下圖表 1 提供了決定促銷何時受限的測試說明。
2.6 An illegal financial promotion is one communicated in breach of s21. For example, an (unauthorised) influencer communicating a financial promotion without approval from an appropriate authorised person and where no FPO exemption applies. We provide extensive guidance on the scope of the financial promotion regime in PERG 8.
2.6 非法金融促銷是指違反第 21 條的傳播。例如，（未獲授權的）有影響力者未經適當的獲授權者批准而傳播金融促銷，且不適用《金融服務條例》豁免。我們在 PERG 8 中就金融促銷制度的範圍提供了廣泛的指導。
2.7 A non-compliant financial promotion is one that has been lawfully communicated under s21 of FSMA but breaches our financial promotion rules. For example, an authorised person communicating a financial promotion which has an obscured risk warning that breaches our rules on prominence. We have a wide range of powers to protect consumers against non-compliant promotions, including issuing fines against firms and individuals who breach our rules.
2.7 違規金融促銷是指根據《金融服務及市場法令》第 21 條合法傳達但違反我們的金融促銷規則的金融促銷。例如，獲授權人傳達的金融促銷含有隱晦的風險警告，違反了我們的顯著性規則。我們擁有廣泛的權力來保護消費者免受違規促銷的侵害，包括對違反規則的公司和個人處以罰款。
2.8 Any form of communication (including through social media) is capable of being a financial promotion if it includes an invitation or inducement to engage in investment activity. This can include communications through ‘private’ or invitation only social media channels, like chatrooms such as Discord and Telegram.
2.8 任何形式的通訊 (包括透過社交媒體)，如果包含邀請或誘使參與投資活動，都可能是金融促銷。這可能包括透過「私人」或僅邀請的社交媒體管道進行的通訊，例如 Discord 和 Telegram 等聊天室。
2.9 A communication must be made ‘in the course of business’ (the business test) to be a financial promotion. We consider that the business test requires a commercial interest on the part of the communicator. It is intended to exclude genuine non-business communications such as friends talking in the pub. PERG 8.5 gives more detail.
2.9 必須是「在業務過程中」進行的通訊（業務測試）才屬於金融促銷。我們認為商業測試要求傳播者具有商業利益。其目的是排除真正的非商業通訊，例如朋友在酒館聊天。PERG 8.5 提供了更多細節。
2.10 The business test can capture communications even where the communicator is not making the communication in the context of a direct commercial arrangement. We give more guidance on applying the business test in Chapter 4 of this Guidance.
2.10 即使通訊者並非在直接商業安排的背景下進行通訊，商業驗證仍可涵蓋通訊。我們在本指引第 4 章就商業測試的應用提供更多指導。

Figure 1: Do our financial promotions rules apply?
圖 1：我們的財務促銷規則是否適用？

Our financial promotion rules
我們的財務促銷規則

2.11 Authorised persons must comply with our rules when communicating or approving financial promotions. The detail of these rules differs between sectors, as outlined in paragraph 2.15. However, financial promotions are generally subject to the requirement to support consumer understanding and to be fair, clear and not misleading. Promotions that fail to meet this standard can cause consumers to buy products and engage in services that are not suitable for their needs, leading to poor outcomes for them.
2.11 獲授權人在傳達或批准金融促銷時，必須遵守我們的規則。然而，金融促銷一般都必須符合支持消費者理解，以及公平、清晰和不誤導的要求。不符合此標準的促銷活動可能會導致消費者購買不適合其需求的產品或使用不適合其需求的服務，從而對他們造成不良的結果。
2.12 The Consumer Duty builds on and goes further than the core requirement for communications to be fair, clear and not misleading. Principle 12 and PRIN 2A, including the cross-cutting rules, apply to a firm communicating or approving financial promotions which are likely to be received by retail customers. Where the Duty applies, firms must consider how their communications deliver good outcomes for retail customers and support understanding. Firms should review and consider how our non-Handbook guidance on the Consumer Duty (FG22/5) applies to their social media promotions. We also give additional guidance in Chapter 3.
2.12 《消費者責任》建基於通訊須公平、清晰及沒有誤導的核心規定，並在此之上更進一步。原則 12 及 PRIN 2A (包括交叉規則) 適用於商號傳達或批准零售客戶可能收到的金融推廣。在責任適用的情況下，企業必須考慮如何為零售客戶提供良好的溝通結果，並支持理解。企業應檢閱並考慮我們的消費者責任非手冊指引 (FG22/5)如何適用於其社交媒體促銷。我們也在第 3 章中提供額外指引。
2.13 Communications through social media can reach a wide audience very rapidly. When designing financial promotions, firms should carefully consider the way material on social media is distributed. For example, firms should ensure that their original communication would still support consumer understanding, even if it ends up in front of a non-intended recipient through third party sharing.
2.13 透過社交媒體進行的傳播可以迅速接觸到廣大的受眾。在設計金融促銷活動時，企業應仔細考慮社交媒體上的資料的傳播方式。例如，企業應確保其原始通訊即使透過第三方分享而最終出現在非原意接收者面前，仍能支持消費者的理解。
2.14 Image advertising, only consisting of the name of the firm, a logo or other images associated with the firm, a contact point and a reference to the types of products or services provided by the firm or to its fees or commissions, are likely to be exempt from many of our financial promotion rules (and may not even amount to a financial promotion at all). However, the image advertising exemption from our rules does not extend to all sector-specific sourcebooks. Firms should familiarise themselves with the relevant rules for their business.
2.14 僅包括公司名稱、標誌或其他與公司相關的圖像、聯絡點以及提及公司所提供的產品或服務類型或其費用或佣金的形象廣告，很可能不受我們許多金融促銷規則的規限（甚至可能根本不構成金融促銷）。然而，圖像廣告不受我們的規則規範，並不適用於所有特定產業的原始說明書。公司應熟悉其業務的相關規則。
2.15 Different sectors have specific financial promotion rules. Firms communicating or approving financial promotions should be aware of the rules in the sourcebooks that are relevant to their business:
2.15 不同的行業有特定的金融促銷規則。傳達或批准金融促銷的公司應瞭解原始資料手冊中與其業務相關的規則：

The Consumer Duty PRIN 2A & PRIN 3
消費者責任 PRIN 2A 和 PRIN 3
Conduct of Business sourcebook COBS $4 &$ COBS 22
商業行為原始碼 COBS $4 &$ COBS 22
Banking: Conduct of Business sourcebook BCOBS 2
銀行業：商業行為原始資料手冊 BCOBS 2
Claims Management: Conduct of Business sourcebook CMCOB $2 &$ CMCOB 3
索賠管理：業務行為原始碼 CMCOB $2 &$ CMCOB 3
Consumer Credit sourcebook CONC 3
消費者信貸資料手冊 CONC 3
Funeral Plan: Conduct of Business sourcebook FPCOB 4
殯儀計劃：業務行為原始資料手冊 FPCOB 4
Insurance: Conduct of Business sourcebook ICOBS 2
保險：商業行為原始資料手冊 ICOBS 2
Mortgages and Home Finance: Conduct of Business sourcebook MCOB 3A
按揭與房屋融資：業務行為原始資料手冊 MCOB 3A
Environmental, Social and Governance sourcebook ESG 4
環境、社會與治理資源手冊 ESG 4
General Provisions sourcebook GEN 4 & GEN 5
一般規定原始碼 GEN 4 & GEN 5
2.16 Authorised persons communicating or approving financial promotions about qualifying cryptoassets and cryptoasset firms registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) should familiarise themselves with how they can communicate cryptoasset promotions under the regime, as summarised in the published final rules (PS23/6).
2.16 傳達或批准關於合資格加密資產的金融促銷的獲授權人士，以及根據《2017年清洗黑錢、恐怖分子資金籌集和資金轉移（付款人資訊）規例》（MLRs）在FCA註冊的加密資產公司，應熟悉如何根據該制度傳達加密資產促銷，已公佈的最終規則（PS23/6）對此作了概述。
2.17 We’ve also published guidance (FG23/3) which has information on, and sets out our expectations of, the communication and approval of financial promotions for qualifying cryptoassets. In particular, it sets out how the requirement for promotions to be fair, clear and not misleading applies to cryptoasset promotions. Those who communicate cryptoasset-related promotions should make sure they meet the expectations set out in both PS23/6 and FG23/3 when communicating such financial promotions on social media.
2.17 我們還發布了指南 (FG23/3)，其中包含了關於合資格加密資產的金融促銷的溝通和批准的資訊，並列出了我們對此的期望。特別是，它列出了促銷活動必須公平、清晰且無誤導的要求如何適用於加密資產促銷活動。在社交媒體上傳播加密資產相關促銷信息時，應確保其符合 PS23/6 和 FG23/3 中列出的要求。
2.18 Firms approving financial promotions should familiarise themselves with our guidance on approving financial promotions. Firms also need to consider whether they require FCA permission to approve financial promotions for unauthorised persons. Guidance on the need for permission to approve financial promotions can be found in PERG 8.9 and on the process for applying for permission in SUP 6A.
2.18 審批金融推廣的商號應熟悉我們有關審批金融推廣的指引。商號亦需考慮是否需要獲得金融監管局的許可，才可批准為未獲授權人士而設的金融推廣活動。有關批准金融促銷是否需要許可的指引載於 PERG 8.9，而有關申請許可的程序則載於 SUP 6A。
2.19 Some sourcebooks set expectations for firms to take account of the latest version of the Web Content Accessibility Guidelines (WCAG) accessibility standard when designing digital financial promotions, in particular in considering how any required risk warnings will be displayed. All firms should consider the principles of the WCAG or an alternative, equivalent standard when designing their online promotions.
2.19 有些資料手冊要求商號在設計數碼金融推廣時，特別是在考慮如何顯示所需的風險警告時，考慮最新版本的《無障礙網頁內容指引》(Web Content Accessibility Guidelines, WCAG)無障礙標準。所有商號在設計網上宣傳時，應考慮《無障礙網頁內容指引》的原則或其他同等標準。

Standalone compliance 獨立合規

2.20 We expect financial promotions to be standalone compliant. This means that each communication must comply with our rules when considered individually.
2.20 我們期望金融促銷符合獨立規則。這表示每項通訊在單獨考慮時都必須符合我們的規則。
2.21 Promotions of complex financial products might require additional supporting information or disclosure to support consumer understanding. In this case, firms may include supporting hyperlinks or separate pathways for a consumer to access supporting information. Links to supporting information should be clearly brought to the consumer’s attention and should give consumers enough information to make an informed decision. However, the initial promotion needs to remain compliant in and of itself. We give additional guidance on enhancing the clarity of communications, including through layering, in FG22/5.
2.21 複雜金融產品的推廣可能需要額外的輔助資料或披露，以助消費者理解。在這情況下，商號可加入超連結或獨立途徑，讓消費者取得輔助資料。與輔助資訊的連結應清楚地引起消費者的注意，並應提供消費者足夠的資訊以做出明智的決定。然而，初始促銷本身仍需符合規定。我們在 FG22/5 中提供了更多有關提高溝通清晰度的指導，包括透過分層溝通。
2.22 When assessing the compliance of a promotion that is viewed via a dynamic medium (such as Instagram stories), we consider the promotion as a whole and take a proportionate view based on the number of frames and where important information, including about risk, is displayed within the promotion. Firms should ensure that consumers will be presented with a balanced view of the benefits and risks of the promoted product or service.
2.22 在評估透過動態媒體 (例如 Instagram 故事) 觀看的促銷是否合規時，我們會將促銷視為一個整體，並根據框架的數量和促銷中顯示重要資訊 (包括風險) 的位置，採取相稱的觀點。企業應確保消費者能均衡地看到促銷產品或服務的利益與風險。
2.23 While all promotions must provide a balanced view of the product or service being promoted, the appropriate level of detail for a promotion that supports consumer understanding will depend on factors such as the target audience, what information recipients need to know, the kind of decision recipients will have to make, and any potential sources of confusion.
2.23 儘管所有促銷活動都必須對所促銷的產品或服務提供平衡的看法，但對於有助於消費者瞭解的促銷活動而言，適當的詳細程度將取決於各種因素，例如目標受眾、接受者需要知道的資訊、接受者必須做出的決定種類，以及任何潛在的混淆來源。

Figure 2: A non-compliant promotion, lacking balance
圖 2：不符合規定的促銷活動，缺乏平衡性

Figure 3: A promotion that supports consumer understanding
圖 3：支援消費者瞭解的促銷活動

Figure 2 shows a non-compliant promotion. It does not provide a balanced impression of the investment’s potential prospects and does not mention relevant risks when promoting potential benefits, so could be misleading to consumers. It also does not comply with the rules in COBS 4 for providing information on future performance.
圖 2 顯示不符合規定的促銷。它沒有對投資的潛在前景提供平衡的印象，也沒有在宣傳潛在利益時提及相關風險，因此可能會誤導消費者。它也不符合 COBS 4 中關於提供未來表現資訊的規定。

Figure 3 shows a promotion that supports consumer understanding by providing a balanced view of the benefits and risks. It also uses clear language that consumers are likely to understand.
圖表 3 所示的促銷方式是透過提供均衡的利益與風險觀點來幫助消費者瞭解。它也使用了消費者可能理解的清晰語言。

Prominence 顯著性

2.24 There are various requirements across our sourcebooks for specific information that should be included in promotions in a ‘prominent’ way, and these rules are generally media-neutral, so apply to social media as they would any other channel. Firms should familiarise themselves with the relevant rules for the products and services they offer.
2.24 我們的資料來源手冊有多項規定，要求在促銷活動中以「顯著」方式包含特定資訊，而這些規則一般不影響媒體，因此適用於社交媒體，就如適用於其他渠道一樣。企業應熟悉其所提供產品和服務的相關規則。
2.25 When assessing how to ensure that information is prominent in promotions communicated on social media, firms should consider our existing guidance on prominence in financial promotions, which includes examples of good and bad practice. Information that is required to be prominent should be presented in a way that is easily identified and understood by consumers, equipping them to make effective, timely and properly informed decisions. Whether information is communicated prominently may depend on its size, position, or emphasis within a promotion. Social media promotions may, for example, make use of headings and layout, display and font attributes of text, and design devices such as graphs, graphics, audio-visuals and interactive media, depending on what is most appropriate for the channel firms are using to communicate.
2.25 在評估如何確保在社交媒體上傳達的促銷信息顯眼時，企業應考慮我們現有的金融促銷顯眼指引，其中包括良好和不良做法的例子。被要求突出的資訊應該以消費者容易識別和理解的方式呈現，使他們能夠做出有效、及時和適當的決定。資訊是否顯眼可能取決於其在促銷活動中的大小、位置或重點。舉例來說，社交媒體促銷可能會使用標題和版面設計、文字的顯示和字型屬性，以及圖表、圖形、視聽和互動媒體等設計裝置，這取決於最適合公司使用的溝通管道。
2.26 Firms should also consider the target audience of the promotion and their likely information needs. Excessive information may obscure the most significant information or confuse consumers, preventing them from making effective decisions. This is particularly the case for social media promotions, where consumers may be likely to spend less time considering a complex promotion in its entirety. Firms should consider consumer testing to assess understanding, as discussed in paragraph 3.3.
2.26 企业还应考虑促销的目标受众及其可能的信息需求。過多的資訊可能會掩蓋最重要的資訊或混淆消費者，使他們無法做出有效的決策。社交媒體促銷尤其如此，因為消費者可能花較少時間考慮複雜的促銷活動的整體內容。如第 3.3 段所述，企業應考慮進行消費者測試，以評估消費者的理解程度。
2.27 We’ve seen promotions that include all the benefits within video or image content, while risks are only included in the accompanying caption outside of the main body of the promotion. This approach does not give information about risks sufficient prominence. Firms should ensure risk information has sufficient prominence, reflecting the relevant Handbook rules.
2.27 我們看過一些促銷活動，將所有的好處都包含在影片或圖片內容中，而風險只包含在促銷主體以外的附帶標題中。這種做法並沒有充分突出風險資訊。公司應確保風險資訊有足夠的顯著性，並反映手冊的相關規則。
2.28 We’ve also seen promotions where information required to be displayed prominently is obscured by a social media design feature that reduces visibility, such as truncated text. Truncated text occurs when part of the text in the promotion is obscured by an ellipsis (such as ‘see more…’), which must be clicked on to access the rest of the text. For example, this feature appears on Facebook posts.
2.28 我們也見過一些促銷活動，需要顯眼顯示的資訊被社交媒體設計功能遮蓋，降低了可視性，例如截斷文字。當推廣中的部分文字被省略號 (例如「看更多......」) 遮擋時，就會出現截斷文字，必須點選省略號才能看到文字的其餘部分。例如，此功能會出現在 Facebook 發佈的文章中。
2.29 Firms should ensure that where possible, information that is required to be prominent is displayed without needing click-through or any other optional action to view it. If it is not possible to display all the information without some of the text being cut off by truncation, firms should ensure as much of the information as possible is shown. However, this will only be appropriate if the promotion is still, on a standalone basis, fair, clear and not misleading, and supports consumer understanding with an appropriate balance between the benefits and risks, despite truncating key information.
2.29 商號應確保在可能的情況下，須顯示在顯眼位置的資料無須點擊或任何其他可選擇的動作便可閱覽。如果無法在不截斷部分文字的情況下顯示所有資訊，企業應確保顯示盡可能多的資訊。然而，這只有在促銷單獨來看仍然是公平、清楚、沒有誤導性，而且儘管縮短了關鍵資訊，但仍能幫助消費者瞭解，並在好處和風險之間取得適當平衡的情況下才是適當的。
2.30 Firms may also consider including information in an accompanying image if they cannot display the full warning without cutting off some of the text. This will not be appropriate on platforms where consumers can select settings to turn off images or stop them from loading alongside the text containing the promotion.
2.30 如果企業無法在不刪除部分文字的情況下顯示完整的警告內容，也可以考慮在附圖中加入資訊。在消費者可以選擇設定關閉圖片或停止圖片載入包含促銷內容的文字的平台上，這並不適合。
2.31 We remind firms of the requirement under the Duty to support consumer understanding and encourage them to consider whether a promotion is likely to meet this requirement if it can only be communicated on a social media platform by obscuring or partly truncating key information.
2.31 我們提醒企業注意支持消費者瞭解責任的要求，並鼓勵企業考慮，如果某項促銷只能通過遮蓋或部分刪除關鍵資訊的方式在社交媒體平台上傳達，則該促銷是否可能符合這項要求。

2.32 The requirement to support consumer understanding and to be fair, clear and not misleading means there should be balance in how financial products and services are promoted, so that consumers are informed not only of the potential benefits but also of the relevant risks.
2.32 要支持消費者了解金融產品及服務，並做到公平、清晰及沒有誤導，意味著在推廣金融產品及服務時應保持平衡，讓消費者不僅知道潛在的利益，也知道相關的風險。
2.33 Social media will not always be an appropriate channel to communicate promotions. Some financial products and services have complex features and risks that can be hard for consumers to understand. All firms should consider how suitable social media is for the promotion of their product or service. For example, firms should consider how appropriate it is to use character-limited media, or a platform with some other restriction on the information that can be communicated, to promote complex features of financial products or services. This will involve considering factors such as the likely audience on social media and the complexity of a product or service. Firms may want to use social media to signpost potential customers towards other channels where more comprehensive information can be provided, as long as the promotion remains standalone compliant. Alternatively, it may be more appropriate to use ‘image advertising’ to promote a firm more generally (that is, without the promotion referencing specific products or services).
2.33 社交媒體不一定是宣傳推廣的合適渠道。有些金融產品和服務有複雜的特點和風險，消費者可能難以理解。所有公司都應考慮社交媒體是否適合推廣其產品或服務。例如，公司應考慮使用字元限制的媒體，或對可傳達資訊有其他限制的平台，來宣傳金融產品或服務的複雜特點有多適合。這將涉及考慮社交媒體的可能受眾以及產品或服務的複雜性等因素。企業可能希望使用社交媒體，將潛在客戶引導至其他可提供更全面資訊的管道，只要促銷仍符合獨立規範即可。另外，使用「形象廣告」來更廣泛地推廣公司可能更為合適 (也就是說，推廣時不提及特定產品或服務)。
2.34 CONC 3.9.2G provides guidance that due to the complexity of debt counselling it is unlikely that media which provide restricted space for messages would be suitable for communicating financial promotions about debt solutions.
2.34 CONC 3.9.2G 提供的指引是，由於債務諮詢的複雜性，提供有限信息空間的媒體不大可能適合傳達有關債務解決方案的財務宣傳。
2.35 Given this guidance, firms should consider whether social media is appropriate for promotions by debt counselling firms about debt solutions, and whether the promotion of debt solutions on social media is compatible with prioritising good outcomes for consumers. We’ve seen promotions on social media which set out detail about how a customer might resolve their debt problems by explaining options but lack balance and make little reference to the relevant disadvantages, risks or costs of a particular debt solution.
2.35 鑑於上述指引，企業應考慮社交媒體是否適合債務輔導公司推廣債務解決方案，以及在社交媒體推廣債務解決方案是否符合優先為消費者爭取良好結果的原則。我們曾見過一些社交媒體上的宣傳，透過解釋各種選擇，詳細列出客戶如何解決其債務問題，但卻缺乏平衡，而且很少提及特定債務解決方案的相關缺點、風險或成本。

Figure 4: A non-compliant debt counselling promotion
圖 4：不符合規定的債務諮詢推廣活動

Figure 5: A debt counselling promotion that signposts consumers to a more appropriate channel for more information
圖 5：為消費者提供債務顧問服務的促銷活動，將消費者引導至更適當的管道獲取更多資訊

Figure

4

provides an example of a non-compliant promotion of debt counselling services. It does not contain the detailed information required by CONC 3.9.3R.
圖

4

提供了一個不符合規定的債務諮詢服務宣傳示例。它不包含 CONC 3.9.3R 所要求的詳細資訊。

Figure 5 shows a promotion signposting consumers to debt counselling services that complies with our rules on image advertising, as outlined in CONC 3.1.7R.
圖 5 顯示了一個為消費者提供債務諮詢服務的促銷標誌，符合我們在 CONC 3.1.7R 中概述的形象廣告規定。
2.36 We’ve also seen poor quality promotions of deferred payment credit, also known as exempt buy-now-pay-later (BNPL) products. Our Dear CEO letter expressed our concerns with the promotion of BNPL products. Firms promoting BNPL products should make sure promotions include the relevant risks for these products.
2.36 我們也見過質素低劣的延遲付款信貸推廣，亦稱為豁免即買即付 (BNPL) 產品。我們在 Dear CEO 信中對 BNPL 產品的推廣表示關注。推廣 BNPL 產品的公司應確保宣傳包括這些產品的相關風險。

For example, that these are unregulated credit agreements where consumers may not have the same level of protection as dealing with authorised persons, the risks of taking on debt that consumers cannot afford to repay, the consequences of missed payments, and information about when charges become payable.
舉例來說，這些都是不受監管的信貸協議，消費者可能得不到與認可人士交易同等程度的保障、承擔消費者無力償還的債務的風險、未付款的後果，以及有關何時應付費用的資訊。

Figure 6: A non-compliant promotion for unregulated credit
圖 6：不受監管的信貸的違規促銷

Figure 7: A compliant promotion for unregulated credit
圖 7：不受管制的信貸的合規推廣

Figure 6 shows a non-compliant promotion of BNPL. It promotes the benefits of the service but does not provide any information on the potential risks, therefore would not be considered fair, clear and not misleading.
圖 6 顯示不符合規定的 BNPL 宣傳。它宣傳了服務的好處，但沒有提供任何有關潛在風險的資訊，因此不被視為公平、清楚且無誤導。

Figure 7 shows a compliant promotion. It provides clearly visible balancing information on relevant risks of the service and uses language that can be easily understood by consumers.
圖 7 顯示符合規定的促銷。它就服務的相關風險提供清晰可見的平衡資訊，並使用消費者容易理解的語言。
2.37 Any type of communication is capable of being a financial promotion and subject to the financial promotion restriction. We’ve seen memes and other similar communications circulated on social media with users often not realising they may be subject to our rules. The use of memes in promotions is particularly prevalent in the cryptoasset sector.
2.37 任何類型的通訊都可能成為金融促銷，並受到金融促銷限制。我們看到社交媒體上流傳的memes和其他類似的通訊，用戶往往沒有意識到它們可能受我們規則的約束。在促銷中使用 memes 在加密資產領域尤為普遍。

Figure 8: A meme that constitutes a non-compliant cryptoasset promotion
圖 8：構成不合规加密資產宣傳的meme

Figure 8 shows a cryptoasset meme that would be subject to the financial promotion regime, and that is not compliant with the rules in COBS 4.12A.
圖 8 顯示了一個將受到金融促銷制度規範的加密資產 meme，它不符合 COBS 4.12A 中的規則。

High-risk investments (HRIs)
高風險投資 (HRI)

2.38 HRIs are subject to specific promotion restrictions. These restrictions vary depending on the investment and are set out in COBS 4.12A, COBS 4.12B and COBS 22. Firms using social media to promote investment products should familiarise themselves with the relevant marketing restrictions for the products they’re promoting.
2.38 人力資源投資受特定的推廣限制。這些限制因投資項目而異，分別載於《公司條例》第4.12A條、第4.12B條及第22條。使用社交媒體推廣投資產品的企業應熟悉所推廣產品的相關推廣限制。
2.39 In particular, certain investments are banned from being mass marketed to retail investors, such as non-mainstream pooled investments and speculative illiquid securities (eg speculative ‘mini bonds’). Unless a firm can ensure that promotions of products subject to these restrictions will not be viewed or received by retail investors, firms should not be promoting these investments on social media.
2.39 某些投資項目尤其禁止向散戶投資者大規模推銷，例如非主流匯集投資及投機性非速動證券 (例如投機性「迷你債券」)。除非公司能確保散戶投資者不會看到或收到受這些限制的產品的宣傳，否則公司不應在社交媒體上宣傳這些投資。
2.40 Some high-risk investments including crowdfunding, cryptoassets and contracts for differences (CFDs) can be mass marketed to retail investors but are subject to certain restrictions. Firms must ensure that promotions for these investments comply with the relevant restrictions, such as the requirements around risk warnings and the bans on incentives to invest.
2.40 一些高風險投資，包括集資、加密資產及差價合約，可向散戶投資者大規模推銷，但須受某些限制。企業必須確保這些投資的促銷活動符合相關限制，例如有關風險警告和投資獎勵禁令的規定。

Prescribed risk warnings 訂明風險警告

2.41 The guidance in this section relates specifically to prescribed risk warnings, where certain wording is required by regulation to be displayed in promotions for certain financial products and services, such as HRIs and high-cost short-term credit (HCSTC). The principles and good practices described in this section should also be considered when deciding how to ensure other kinds of important information are communicated prominently in financial promotions.
2.41 本節的指引特別與訂明風險警告有關，即規例規定某些金融產品及服務（例如人權保險及高成本短期信貸）的推廣須展示某些字眼。在決定如何確保其他類別的重要資料在金融促銷活動中以顯眼方式傳達時，亦應考慮本節所述的原則及良好做法。
2.42 Our behavioural research (OP26) shows that risk warnings are more effective when viewed at the time of, or just before, the communication of the promotion, as well as when they are prominent and stand out from their surroundings. For this reason, it may limit consumer understanding to display a prescribed risk warning which is less prominent than other key elements of the promotion or which is presented at a later stage than the promotion itself.
2.42 我們的行為研究（OP26）顯示，當風險警告在促銷傳播時或傳播前被觀看，以及當風險警告顯眼並從周圍環境中脫穎而出時，會更有效。因此，如果規定的風險警告不如促銷的其他關鍵元素顯眼，或在比促銷本身更後的階段才出現，可能會限制消費者的理解。
2.43 Prescribed risk warnings should be clear to consumers on the face of the promotion. For some products and services there may be additional rules about how the prescribed risk warning should be displayed. For example, in promotions for restricted mass market investments (RMMIs), we expect the complete risk warning should be displayed for the duration of the financial promotion in line with COBS 4.12A.36R. When a risk warning is required to be displayed throughout a promotion, firms should ensure that the entire risk warning is clear and does not require click-through to access. Firms should take particular care on platforms that use truncated text that the relevant prescribed risk warning is not truncated.
2.43 訂明風險警告應在促銷品上清楚地向消費者說明。對於某些產品和服務，可能有額外的規則規定如何顯示規定的風險警告。例如，在受限制大眾市場投資（RMMIs）的促銷中，我們預期完整的風險警告應根據《守則》第 4.12A.36R 條在金融促銷期間展示。當風險警告必須在整個促銷活動中顯示時，企業應確保整個風險警告清晰明確，且無需點擊進入。在使用截短文字的平台上，企業應特別注意相關的訂明風險警告未被截短。
2.44 Where our rules explicitly allow shortened risk warnings, firms should ensure the entire shortened clause is clearly visible and the full warning is included after click-through.
2.44 當我們的規則明確允許縮短的風險警告時，企業應確保整個縮短的條款清晰可見，並在點擊後包含完整的警告。

Figure 9: A non-compliant peer-to-peer (P2P) promotion
圖 9：不符合規定的點對點 (P2P) 促銷活動

Figure 10: A compliant P2P promotion
圖 10：符合規定的 P2P 促銷活動

Figure 9 shows a non-compliant P2P promotion. The prescribed risk warning for P2P promotions is truncated and would require a consumer to click on the ‘see more’ button for the warning text to be visible, breaching the requirements of COBS 4.12A.
圖 9 顯示不符合規定的 P2P 促銷。P2P 促銷的規定風險警告被截斷，需要消費者點擊「查看更多」按鈕才能看到警告文字，違反了 COBS 4.12A 的規定。

Figure

10

shows a compliant promotion in which the risk warning is prominent and will be easily seen by consumers.
圖

10

顯示的是符合規定的促銷，其中的風險警告非常顯眼，消費者很容易就會看到。
2.45 As we explain in paragraph 2.27, another example of poor practice that we’ve seen is promotions which contain all the benefits within their noticeable video or image content, while the relevant risk warnings are in the caption below. Promotions like this lack balance and are likely to be unfair and potentially misleading. Firms should ensure prescribed risk warnings have sufficient prominence, reflecting the relevant Handbook rules.
2.45 正如我們在第 2.27 段中所解釋的，我們看到的另一個不良做法的例子是，促銷活動將所有的好處都包含在引人注目的視頻或圖片內容中，而相關的風險警告則在下面的標題中。這樣的促銷缺乏平衡，很可能不公平，而且有潛在的誤導性。公司應確保規定的風險警告有足夠的顯著性，以反映手冊的相關規定。

Figure 11: A non-compliant promotion for high-cost short-term credit (HCSTC)
圖 11：不符合規定的高成本短期信貸 (HCSTC) 促銷活動

Figure 12: A compliant promotion for HCSTC
圖 12：符合 HCSTC 標準的促銷活動

Figure 11 shows a non-compliant HCSTC promotion. The prescribed HCSTC risk warning (see CONC 3.4) is difficult to see in the caption and is also obscured by the caption’s truncation feature. There is also no other information provided on relevant risks of the service. It is in breach of CONC 3.3.1.
圖 11 顯示不符合 HCSTC 規定的促銷。在標題中很難看到規定的 HCSTC 風險警告 (請參閱 CONC 3.4)，而且標題的截斷功能也使其模糊不清。此外，也未提供服務相關風險的其他資訊。這違反了 CONC 3.3.1。

Figure 12 shows a compliant promotion. The risk warning is clear and prominent within the content of the video, and the representative APR is prominently displayed, supporting consumer understanding of the service.
圖 12 顯示符合規定的促銷。風險警告在視訊內容中清晰且顯眼，具有代表性的 APR 也顯示在顯眼處，有助於消費者瞭解這項服務。
2.46 To make our expectations clear to firms on the prominence of prescribed risk warnings, below are some examples of what we would consider to be a prominent risk warning across various social media channels. Firms may find it helpful to familiarise themselves with more detailed case studies of our expectations when communicating financial promotions on social media.
2.46 為了向商號清楚說明我們對突出訂明風險警告的期望，以下是我們認為在不同社交媒體渠道上突出風險警告的一些例子。當企業在社交媒體上傳達金融促銷訊息時，熟悉我們對其期望的更詳細案例研究可能會有所幫助。

Table 1: Application of prescribed risk warning prominence standards to social media channels
表 1：對社交媒體渠道應用規定的風險警告顯著性標準

	Features of a prominent risk warning 突出風險警告的特點	Does not comply with our expectations 不符合我們的期望
Stories and carousel posts (eg Instagram posts with multiple pictures) 故事和旋轉式貼文（例如 Instagram 上包含多張圖片的貼文）	The risk warning is clear and prominent, on every slide containing the financial promotion. Consumers should see the risk warning as soon as they view the financial promotion. 風險警告清楚且顯眼地顯示在包含金融促銷的每張幻燈片上。消費者應在看到金融促銷時立即看到風險警告。	The risk warning is significantly smaller than the other written content and is found in the last slide of the financial promotion. 風險警告明顯小於其他書面內容，且出現在財務宣傳的最後一張幻燈片中。
Livestreams (including gaming streams such as Twitch) Livestreams (包括遊戲串流，例如 Twitch)	The risk warning is displayed clearly and prominently on the screen for the duration of any part of the stream involving the communication of the financial promotion. 在涉及金融促銷傳播的串流的任何部分的持續時間內，風險警告會清楚且顯著地顯示在螢幕上。	The streamer makes no mention of the risk warning while communicating the financial promotion. 流傳者在傳達金融促銷的同時，並未提及風險警告。
Character-limited media 字元有限的媒體	The entire risk warning is displayed clearly within the text. Where necessary, prescribed shortened risk warnings have been used. 整個風險警告清楚地顯示在文字中。必要時，會使用規定的縮短風險警告。	The risk warning has been truncated in such a way that it ceases to comply with applicable rules. 風險警告已被截斷，使其不再符合適用的規則。
Short-form video content (eg TikTok) 短片內容（例如 TikTok）	The risk warning is clearly and prominently displayed across the screen throughout the financial promotion. 在整個金融促銷過程中，螢幕上都會清楚顯眼地顯示風險警告。	The risk warning is found within the caption of the video, or the benefits are given disproportionate prominence (eg through use of flashing text or the dialogue in the video). 風險警告出現在影片的標題中，或利益被放在不相稱的突出位置（例如透過使用閃爍文字或影片中的對話）。
Long-form video content (eg YouTube) 長格式視訊內容 (例如 YouTube)	The risk warning is displayed clearly and prominently on the screen for the section of the video involving the communication of the financial promotion. 風險警告會清楚且顯著地顯示在影片中涉及金融促銷傳播部分的螢幕上。	The risk warning is displayed at the end of the video rather than when the financial promotion is being communicated. 風險警告會在視訊結束時顯示，而不是在傳達財務促銷訊息時顯示。

Compliance with the regime for unregulated non-UK based entities
遵守不受監管的非英國實體的制度

2.47 The territorial scope of the financial promotion regime is deliberately broad. It extends to communications which are capable of having an effect in the UK, even where the communicator is based overseas. Financial promotions do not need to be expressly targeted towards UK consumers to be capable of having an effect in the UK and subject to the financial promotion regime. For example, if UK consumers can view the promotion and potentially engage in the investment activity that is being promoted, the communication is likely to be capable of having an effect in the UK. PERG 8.8.1G explains that ‘it is irrelevant whether the communication has an effect provided it is capable of doing so’.
2.47 金融促銷制度的領域範圍特意寬廣。即使傳播者以海外為基地，該制度亦適用於可在英國造成影響的傳播。金融促銷不需要明確以英國消費者為對象，就能在英國產生效果，並受金融促銷制度規範。舉例來說，如果英國消費者可以觀看促銷活動，並有可能參與所促銷的投資活動，則該通訊很可能會在英國造成影響。PERG 8.8.1G 解释说，「只要传播能够产生效果，传播是否产生效果并不重要」。
2.48 We recognise that navigating the broad territorial reach of the financial promotion regime can be challenging for non-UK based persons promoting financial products and services on social media. However, unauthorised persons communicating financial promotions which are capable of having an effect in the UK need to comply with the financial promotion restriction in the same way as any other unauthorised persons. This means ensuring that the content of their financial promotions is approved by an appropriate authorised person or that their promotions are exempt under the FPO.
2.48 我們了解，對於在社交媒體上推廣金融產品和服務的非英國籍人士而言，要在金融促銷制度的廣泛地域範圍內暢通無阻，可能是一項挑戰。不過，未經授權人士傳播可在英國造成影響的金融促銷時，必須與其他未經授權人士一樣遵守金融促銷限制。這意味著要確保其金融促銷內容已獲得適當授權人士的批准，或其促銷內容已獲得《金融服務條例》的豁免。
2.49 The FPO contains exemptions from the financial promotion restriction which are particularly relevant to overseas communicators. Article 12 of the FPO provides an exemption for communications which are made only to, or directed only at, persons outside the UK. PERG 8.12 gives detailed guidance on this exemption. The exemption specifies various conditions which are to be considered in determining whether a promotion is directed only at persons outside the UK.
2.49 《金融業條例》載有金融推廣限制的豁免條文，與海外傳播者尤其相關。金融促銷條例》第 12 條規定，只向英國境外人士或只針對英國境外人士進行的通訊可獲豁免。PERG 8.12 提供了此項豁免的詳細指引。該豁免規定了在判斷促銷是否僅針對英國境外人士時應考慮的各種條件。
2.50 In light of the above, the sorts of steps that non-UK entities might take with a view to complying with the financial promotion regime could include (but are not limited to):
2.50 鑑於以上所述，非英國實體為遵守金融促銷制度而可能採取的步驟包括（但不限於）：

having an authorised person approve their financial promotions
由授權人員批准其財務宣傳活動
geo-blocking their promotions so that they are not accessible to UK consumers
對他們的促銷活動進行地理封鎖，使英國消費者無法訪問這些促銷活動
changing the form and content of their communications which are capable of having an effect in the UK so that they do not contain invitations or inducements to engage in investment activity
改變可在英國產生影響的通訊形式和內容，使其不包含從事投資活動的邀請或誘因
implementing proper systems and controls to prevent UK consumers from engaging in the investment activity to which the communication relates, supported by appropriate indications to the effect that the relevant promotion is directed only at persons outside the UK and should not be acted on by UK consumers
實施適當的系統和控制措施，防止英國消費者參與通訊所涉及的投資活動，並輔以適當的指示，說明相關促銷活動僅以英國境外人士為對象，英國消費者不應採取行動
2.51 The steps unauthorised persons might take to comply with the regime will depend on the nature of their communications. They will likely need to vary across social media platforms and may change with time. For example, social media platforms differ in the extent to which they allow communications to be geo-blocked for certain jurisdictions. Further, in time, new technologies and changes to the systems on social media platforms may offer new ways of aiding compliance.
2.51 未獲授權人士為遵守該制度可能採取的步驟將取決於其通訊的性質。這些步驟可能因社交媒體平台而異，並可能隨時間改變。例如，社交媒體平台允許某些司法管轄區對通訊進行地理封鎖的程度不同。此外，隨著時間的推移，社交媒體平台上的新技術和系統變化可能會提供協助合規的新方法。
2.52 Where promotions of unauthorised overseas persons are not approved and it is not possible to restrict access to those promotions for persons in the UK, the communicator may consider using a range of measures to ensure compliance with the UK regime. While clear and prominent warnings to the effect that a promotion is not intended for UK consumers can be helpful, it is unlikely that this will be sufficient to comply if implemented in isolation. Such warnings should be used with other measures to restrict UK consumers’ ability to engage with promotions which claim to be directed only at persons outside the UK. Otherwise, such statements risk having no real impact and the promotion is still, in substance, directed at persons in the UK.
2.52 如果未經授權的海外人士的促銷未獲批准，而又無法限制英國境內的人士接觸這些促銷，傳播者可以考慮使用一系列措施，以確保符合英國的制度。雖然清楚而顯眼的警告說明促銷並非針對英國消費者會有幫助，但如果單獨實施，不太可能足以符合規定。此類警告應與其他措施一起使用，以限制英國消費者參與聲稱只針對英國境外人士的促銷活動。否則，此類聲明有可能沒有真正的影響力，而促銷活動實質上仍是針對英國境內的人。
2.53 Challenges arise where both authorised and non-authorised entities within a global group are communicating financial promotions which are capable of having an effect in the UK. This risk becomes particularly prominent where such group entities share social media channels and may together be communicating financial promotions through that shared channel. We’ve seen harm occur where UK consumers click a link in a financial promotion believing they are engaging with the promotion of a UK regulated person but are directed to communications (such as a website) of an unregulated overseas group entity. In these circumstances, the UK consumer may believe that they are still engaging with an FCA-regulated firm and may assume they benefit from a similar level of regulatory protection.
2.53 如果全球集團內的認可實體和非認可實體都在傳播可在英國造成影響的金融促銷活動，就會出現挑戰。當這些集團實體共用社交媒體頻道，並可能一起透過該共用頻道傳播金融促銷時，這種風險就變得特別突出。我們曾見過以下情況：英國消費者點選金融促銷中的連結，以為自己正在參與英國受監管者的促銷活動，但卻被引導至不受監管的海外集團實體的通訊（例如網站）。在這種情況下，英國消費者可能認為他們仍在與一家受 FCA 監管的公司接洽，並可能假設他們受益於類似程度的監管保護。
2.54 Where different group entities are involved in communicating financial promotions which are capable of having an effect in the UK, including through shared social media channels:
2.54 如果不同的集團實體參與傳達能夠在英國產生影響的金融促銷，包括通過共享的社交媒體渠道：
they need to manage the risk that any communications of unauthorised group entities may breach the financial promotion restriction
他們需要管理未經授權集團實體的任何通訊可能違反金融促銷限制的風險
we expect firms to have in place proper systems and controls to mitigate the risk that UK consumers are directed to the website of an unregulated overseas group entity which is not compliant with the financial promotion restriction or which may involve the unregulated overseas person carrying on regulated activity with or for the UK consumer, in breach of the general prohibition in section 19 (s19) FSMA
我們期望企業建立適當的系統和控制措施，以降低英國消費者被引導至不受監管的海外集團實體網站的風險，該網站不符合金融促銷限制，或可能涉及不受監管的海外人士與英國消費者或為英國消費者進行受監管活動，違反《金融服務及市場法令》第 19 條 (s19) 的一般禁止規定
2.55 Where group entities share social media accounts, they might consider having the UK authorised group member approve the promotions communicated through the account.
2.55 若集團實體共用社交媒體帳戶，可考慮由英國授權的集團成員批准透過帳戶傳達的促銷活動。
2.56 Alternatively, firms could consider creating UK-specific social media accounts and having clear and prominent statements that direct UK consumers to those accounts. If firms choose to implement this method, we expect the UK-specific social media accounts to be active and not to be ‘shell’ accounts.
2.56 或者，企業可以考慮建立英國專用社交媒體帳戶，並在顯眼處清楚說明，將英國消費者引導至這些帳戶。如果公司選擇實施此方法，我們希望英國特定社交媒體帳戶是活躍的，而不是「空殼」帳戶。
2.57 If unauthorised persons are providing financial services to UK consumers, they must also ensure that they are not carrying on regulated activities in breach of the general prohibition in s19 FSMA. This is a separate consideration to whether an unauthorised person is breaching the financial promotion restriction in s21 FSMA.
2.57 如未獲授權人士向英國消費者提供金融服務，他們亦必須確保沒有違反《金融服務及市場法令》第19條的一般禁止條文，進行受規管活動。這與未獲授權人士是否違反《金融服務及市場法令》第 21 條的金融推廣限制是兩回事。

Chapter 3 第三章

Marketing strategies 行銷策略

The Consumer Duty 消費者義務

3.1 The Duty came into force on 31 July 2023 for products and services that are on sale to new customers or available for renewal to existing customers. It will apply to closed products from 31 July 2024. The standards under Principle 12 and PRIN 2A, including the cross-cutting rules, apply to communications and financial promotions on social media. This applies whether the firm has a direct relationship with the customer or not, including where a firm approves a financial promotion. The Duty sets higher standards than our basic expectations under Principle 7. Therefore, although all communications (including financial promotions) are required to be fair, clear and not misleading, compliance with these requirements by themselves will not be sufficient to ensure compliance with the Duty.
3.1 責任於 2023 年 7 月 31 日生效，適用於向新客戶銷售或向現有客戶提供續期的產品和服務。它將從 2024 年 7 月 31 日起適用於封閉產品。原則 12 和 PRIN 2A 下的標準（包括交叉規則）適用於社交媒體上的通訊和金融促銷。無論公司是否與客戶有直接關係，包括公司批准金融促銷的情況，均適用。本責任所設定的標準高於我們在原則 7 下的基本期望。因此，儘管所有通訊 (包括金融促銷) 都必須公平、清楚且不具誤導性，但遵守這些規定本身並不足以確保遵守本責任。
3.2 Firms advertising using social media must consider how their marketing strategies align with acting to deliver good outcomes for retail customers. Firms’ communications should support and enable informed decision-making, equipping consumers with the right information in a timely way. This goes beyond ensuring that an individual promotion supports consumer understanding by providing balanced information about the benefits and risks in a way that is clear, fair and not misleading.
3.2 使用社交媒體進行廣告宣傳的公司必須考慮其行銷策略如何與為零售客戶提供良好結果的行動保持一致。企業的溝通應支援並促成明智的決策，及時為消費者提供正確的資訊。這不僅要確保個別促銷活動能以清楚、公平且不誤導的方式，提供均衡的利益與風險資訊，以支援消費者的瞭解。
3.3 The Duty also requires firms to do things such as identify a target market and tailor their communications to account for the characteristics of their target market and the characteristics of the marketing channel used. This would include, for example, taking account of the features of different social media platforms. They should also ensure that their promotions are likely to be understood by the audience, utilising regular consumer testing where appropriate. FG22/5 outlines examples of good and poor practice under the Duty that firms should refer to.
3.3 本責任也要求企業做一些事情，例如確定目標市場，並根據其目標市場的特點和所使用的行銷渠道的特點來定制其通訊。例如，這包括考慮不同社交媒體平台的特點。他們也應確保其促銷活動可能會被受眾理解，並在適當時利用定期的消費者測試。FG22/5 概述了企業應參考的責任下良好和不佳實務的範例。
3.4 Confining promotions to a restricted target market on social media may be practically difficult. Where a promotion is designed only for a professional target market for example, it is not sufficient simply to include a disclaimer to the effect that the promotion is ‘for professional investors only’. If firms are considering communicating promotions to a restricted audience on social media, they should carefully consider whether they’re able to comply with applicable requirements, including the Duty. Firms should also carefully consider whether social media is appropriate for these communications if there’s limited ability to control who sees the promotion, and if their distribution strategy might result in consumer harm.
3.4 將社交媒體上的促銷活動局限於有限的目標市場可能會有實際困難。舉例來說，如果促銷活動僅為專業目標市場而設計，則僅包含「僅適用於專業投資者」的免責聲明是不夠的。如果公司正在考慮在社交媒體上向受限制的受眾傳達促銷訊息，他們應該仔細考慮是否能夠遵守適用的規定，包括責任。如果控制誰看到促銷的能力有限，以及如果他們的分銷策略可能導致消費者受損，公司也應仔細考慮社交媒體是否適合這些通訊。
3.5 We’ve seen consumers on social media be repeatedly bombarded by financial promotions from the same service or firm. Consumers with characteristics of vulnerability may be more susceptible on social media to the type of behavioural biases that excessive contact of an individual tries to exploit. We do not think this type of practice is acting in good faith, as required by the Duty (PRIN 2A.2.1). Firms should consider whether their marketing strategies are consistent with enabling good consumer decision making, as part of which we expect firms should not seek to exploit customers’ behavioural biases. Firms should also ensure any use of advertising tools offered by social media platforms that allow them to target advertising is compliant with their obligations under the Duty, particularly the requirement to tailor communications to the characteristics of the target market.
3.5 我們在社交媒體上看到消費者被同一服務或公司的金融促銷重複轟炸。具有易受傷害特徵的消費者在社交媒體上可能更容易受到過度接觸個人試圖利用的行為偏差類型的影響。我們不認為這類行為是責任所要求的真誠行為（PRIN 2A.2.1）。企業應考慮其行銷策略是否符合消費者的良好決策，其中我們期望企業不應試圖利用客戶的行為偏見。企業亦應確保任何使用社交媒體平台所提供的廣告工具，使其可針對目標進行廣告的行為，均符合其在責任下的義務，尤其是針對目標市場特徵而量身打造通訊的要求。
3.6 Firms should regularly test, monitor, and adapt communications to support good consumer outcomes. This will be especially relevant as social media evolves and new features emerge that may impact consumer understanding. FG22/5 provides examples of good and poor practice under the Consumer Duty related to monitoring and testing that communications are supporting consumer understanding.
3.6 企業應定期測試、監察和調整通訊，以支持良好的消費者結果。隨著社交媒體的發展，新功能的出現可能會影響消費者的理解，這一點尤其重要。FG22/5 提供了在消費者責任下，有關監察及測試通訊是否有助消費者了解的良好及不良做法的例子。
3.7 We’ve published behavioural research that firms may find helpful when considering how to aid consumer understanding, including OP23, OP26 and research notes on high-risk investments.
3.7 我們已發表行為研究報告，包括 OP23、OP26 及高風險投資研究筆記，企業在考慮如何協助消費者瞭解時，可能會發現這些報告很有幫助。
3.8 Firms should also reflect on the relevance of our sector-specific reviews to their social media promotion strategy. For example, consumer finance firms are reminded of the marketing expectations we outlined in our review of relending by high-cost lenders.
3.8 企業亦應反思我們對特定行業的檢討與其社交媒體推廣策略的相關性。舉例來說，我們會提醒消費金融公司注意我們在檢討高成本貸款機構轉借貸款時所概述的行銷期望。

3.9 For third-party sharing, such as reposting a promotion, any breaches of our rules in the original communication are still the responsibility of the originating firm. Sharing or forwarding by a third party does not eliminate any original non-compliance.
3.9 對於第三方分享，例如轉貼促銷，原始通訊中任何違反我們規則的行為仍由發起公司負責。第三方分享或轉寄並不能消除任何原始的違規行為。
3.10 There is a risk that sharing or forwarding itself creates non-compliance. For example, a communication that is intended for a professional investor is viewed by a retail customer. It is difficult to guard against communications being distributed beyond their target market on social media. So, firms should consider whether social media is an appropriate channel to promote products or services with a restricted target market.
3.10 分享或轉發本身存在造成違規的風險。例如，原定給專業投資者的通訊被散戶瀏覽。在社交媒體上很難避免通訊被散佈到目標市場以外的地方。因此，公司應考慮社交媒體是否為推廣產品或服務的適當管道，並限制其目標市場。
3.11 If a firm shares a customer’s social media post, whether that sharing amounts to the communication of a financial promotion will depend on the content and context of the social media post. This will be determined by whether it amounts to an invitation or inducement to engage in investment activity. The firm is responsible for compliance if it shares the post, even though the firm did not generate the original content of the communication. Firms may wish to review our existing guidance on communicating and its relevance to financial promotions in PERG 8.6.
3.11 如果商號分享客戶的社交媒體文章，該分享是否構成金融促銷的傳播，將取決於社交媒體文章的內容和背景。這將取決於其是否構成邀請或誘使參與投資活動。如果公司分享了帖子，即使公司沒有產生原始的通訊內容，也有責任遵守規定。公司可能希望檢閱我們在 PERG 8.6 中關於通訊及其與金融促銷相關性的現有指引。

Unsolicited promotions 未經請求的促銷

3.12 There are specific legal requirements when sending marketing through electronic media. Firms should be aware of the Privacy and Electronic Communications Regulations 2003 (PECR) and the Information Commissioner’s Office Direct Marketing guidance. The Government has also consulted on extending the current bans on ‘cold calling’ (unsolicited real-time promotions) for pensions and claims management firms to cover all consumer financial services and products.
3.12 透過電子媒體發送行銷時，有特定的法律規定。公司應留意《2003 年私隱及電子通訊規例》(Privacy and Electronic Communications Regulations 2003) 及資訊專員公署的直接促銷指引。政府亦已就擴大現時對退休金及索償管理公司的「cold call」（未經請求的實時促銷）禁令，以涵蓋所有消費者金融服務及產品進行諮詢。
3.13 Social media is often used for making unsolicited promotions. For such promotions and cold calling, we remind firms of our rules in COBS 4.8 (cold calls and other promotions that are not in writing), MCOB 3A.3.5 (prohibition on cold calls of qualifying credit, a home reversion plan or a regulated sale and rent back agreement), CONC 3.10 (financial promotions not in writing), and FPCOB 4.2 (funeral plans). A promotion by a tweet (for example) is not a real-time promotion within the meaning set out in the FPO. However, firms may wish to follow up promotions on social media with real-time promotions. In this context, being a ‘follower’ of a firm or ‘liking’ a firm’s page or profile does not constitute ‘an established existing client relationship’ as required by the relevant Handbook provisions.
3.13 社交媒體經常被用來進行未經請求的促銷。對於此類促銷和冷電話，我們提醒企業注意 COBS 4.8 (冷電話和其他非書面促銷)、MCOB 3A.3.5(禁止對合格信貸、房屋復歸計劃或受監管的售後租回協議進行冷電話)、CONC 3.10 (非書面金融促銷) 和 FPCOB 4.2 (殯葬計劃) 中的規則。推文促銷（例如）並不屬於《金融業條例》所定義的即時促銷。然而，公司可能希望以實時促銷跟進社交媒體上的促銷。在此情況下，成為律師事務所「追隨者」或「讚好」律師事務所的網頁或個人資料，並不構成《手冊》相關條文所要求的「已確立的現有客戶關係」。
3.14 Whether a financial promotion is real or non-real time can have implications for the financial promotion rules that will apply. A financial promotion is likely to be non-real time if it is made or directed at more than one recipient in identical terms, creates a record which is available to the recipient at a later time, and is made by way of a system which in the normal course does not enable or require the recipient to respond immediately (PERG 8.10). This means promotions communicated by means of channels like live-streams or gaming streams are likely to be considered a non-real time promotion.
3.14 金融促銷是真實或非真實時間，可能會影響適用的金融促銷規則。如果某項金融促銷是以相同的條款針對一個以上的收款人進行，創造了收款人稍後可以使用的記錄，並且是透過一個在正常情況下無法或不需要收款人立即回應的系統進行的，則該金融促銷很可能是非即時的 (PERG 8.10)。這表示透過直播或遊戲串流等管道傳達的促銷可能會被視為非即時促銷。

Approval and record-keeping
核准與記錄保存

3.15 Firms must have an adequate system in place to sign off digital media communications, in line with the requirements of Senior Management Arrangements, Systems and Controls sourcebook (SYSC), SYSC 3 and SYSC 4. This sign-off should be by a person of appropriate competence and seniority within the organisation. Firms should also be aware of any sector specific requirements, for example those in COBS 4.10.
3.15 根據《高級管理安排、系統及監控原始資料手冊》(SYSC)、SYSC 3 及 SYSC 4 的規定，法團必須設有適當的系統以簽署數碼媒體通訊。該簽署應由機構內具備適當能力及資歷的人士作出。公司亦應注意任何特定行業的規定，例如 COBS 4.10 的規定。
3.16 Firms should also keep adequate records of any relevant communications, as outlined in SYSC 9 and our sector specific sourcebooks. As well as helping to protect consumers, these records enable the firm to deal effectively with any subsequent claims or complaints. Firms should not rely on digital media channels to maintain records, as they will not have control over this. Social media platforms may refresh content from time to time, deleting older material.
3.16 商號亦應按照《銀行營運守則》第 9 條及我們的特定行業資料手冊的規定，保存足夠的相關通訊記錄。這些記錄除了有助保障消費者外，亦有助企業有效處理任何後續的索償或投訴。企業不應依賴數位媒體管道來保存紀錄，因為他們無法控制。社交媒體平台可能會不時更新內容，刪除舊資料。
3.17 The current sign-off and record-keeping provisions in our Handbook apply to digital (including specifically social) media in the same way as to print, broadcast and outdoor media. Beyond that, these issues are a question of risk management by the firm. Firms should consider the provisions in SYSC. Risk management encompasses all relevant risks, including legal and reputational risk, as well as regulatory risk.
3.17 我們手冊中現行的簽核和記錄保存規定適用於數碼媒體（特別包括社交媒體），與印刷、廣播和戶外媒體相同。除此之外，這些問題是公司的風險管理問題。公司應考慮 SYSC 的規定。風險管理涵蓋所有相關風險，包括法律和聲譽風險，以及監管風險。

Affiliate marketing 聯盟行銷

3.18 Affiliate marketing is a common part of firms’ marketing strategies. This is where a firm makes an agreement to pay commission to a person (who could be an unauthorised person) based on business generated from referrals. Firms should take proactive responsibility for how their affiliate marketers communicate financial promotions.
3.18 聯營行銷是律師行行銷策略的常見部分。這是指公司與某人（可能是未經授權人士）達成協議，根據其介紹所產生的業務支付佣金。商號應對其聯營營銷人員如何傳達金融促銷訊息主動承擔責任。
3.19 Where an affiliate marketer is communicating a financial promotion containing a firm’s referral link without the firm having developed, created, or controlled the content of that communication, we may still consider that the firm is causing the communication to be made. The firm would be liable for the compliance of that financial promotion.
3.19 如果聯盟營銷商所傳播的金融促銷包含公司的轉介連結，而公司並未開發、創建或控制該傳播的內容，我們仍可能認為公司促成了該傳播。該公司將對該金融促銷的合規性負責。
3.20 We’ve seen examples of firms lacking proper systems and controls to manage how their promotions are used on social media. Principle 3 requires firms to take reasonable care to organise and control their affairs responsibly and effectively, with adequate risk management systems. This Principle is supplemented by detailed requirements in SYSC for establishing and maintaining appropriate systems, controls, policies and procedures for ensuring compliance with a firm’s regulatory requirements.
3.20 我們已經看到一些公司缺乏適當的系統和控制措施來管理如何在社交媒體上使用促銷的例子。原则 3 要求企业采取合理的谨慎措施，以负责任和有效的方式组织和控制其事务，并建立适当的风险管理系统。此原則由 SYSC 中關於建立和維護適當的系統、控制、政策和程序的詳細規定補充，以確保遵守公司的監管規定。
3.21 Firms that use affiliates, such as influencers, to communicate financial promotions on social media should take appropriate steps to ensure any such influencer understands the product or service they are promoting and is aware of relevant regulatory requirements. This includes taking appropriate steps to ensure that any influencers they use are not illegally communicating financial promotions. When considering if it is appropriate to engage a particular affiliate, firms should consider (among other things) whether that affiliate may alter their promotions, communicate unapproved promotions, or might carry on regulated activity in breach of the general prohibition in s19 FSMA.
3.21 使用聯屬公司 (例如有影響力的人) 在社交媒體上傳播金融促銷訊息的企業應採取適當步驟，以確保任何該等有影響力的人瞭解他們正在促銷的產品或服務，並知道相關的監管規定。這包括採取適當的步驟，以確保他們所使用的影響者並非非法傳播金融促銷。在考慮是否適宜聘用特定聯屬公司時，公司應考慮（除其他事項外，）該聯屬公司是否可能改變其促銷活動、傳達未獲批准的促銷活動，或可能進行違反《金融服務及市場法令》第 19 條一般禁止規定的受監管活動。
3.22 Firms should consider how they can monitor the marketing actions of their affiliate partners to ensure good customer outcomes, and how many partnerships the firm can viably maintain before adequate monitoring is no longer possible. Firms should also be aware that specific ongoing monitoring requirements apply where a firm approves a financial promotion that is subject to the financial promotion rules in COBS 4 (COBS 4.10.2R). FG22/5 provides guidance on our expectations when firms are working with unregulated entities in the distribution chain (particularly in paragraph 2.22). Table 2 below provides some examples of good and poor practices that we have seen in the systems and controls that firms have in place around their use of affiliates.
3.22 商號應考慮如何監控其關聯合作夥伴的推廣行動，以確保良好的客戶結果，以及商號可維持多少個合作夥伴，才不再可能有足夠的監控。商號亦應注意，當商號批准受《公司條例》第 4 條金融促銷規則 (COBS 4.10.2R)規限的金融促銷活動時，須適用特定的持續監控規定。FG22/5 提供了指引，說明當商號在分銷鏈中與不受監管的實體合作時，我們的期望 (特別是第 2.22 段)。下面的表 2 提供了我們在企業使用聯屬公司的系統和控制方面所見到的一些良好和不良做法的例子。
3.23 If an affiliate is not an authorised person, they will need to consider how they are complying with s21 in communicating financial promotions. They may also need to consider whether their activities are regulated for the purposes of the general prohibition in s19 FSMA. It is a criminal offence for a person to carry on regulated activity
3.23 如果聯屬公司不是獲授權人，他們需要考慮在傳達金融促銷時如何遵守第 21 條的規定。他們亦可能需要考慮，就《金融服務及市場法令》第 19 條的一般禁止而言，他們的活動是否受規管。任何人從事受監管活動均屬刑事罪行
in the UK unless they are authorised or exempt. An activity is regulated if it is of a type falling within the FSMA (Regulated Activities) Order 2001 (RAO) and is carried on by way of business. PERG 2 contains detailed guidance on the regulated activity regime. For example, an affiliate marketer earning commissions by introducing prospective customers to an investment firm may need to consider whether that activity involves them carrying on regulated arranging activity by way of business. Whether or not a particular affiliate’s activity is a regulated activity will depend on the nature of the affiliate’s role. If they are carrying on regulated activity, they will need to consider how they do so legally.
在英國，除非獲得授權或豁免，否則不得從事任何活動。如果某項活動屬於 2001 年《金融服務及市場法令》（受監管活動）命令 (RAO)，且以業務方式進行，則該活動即受監管。PERG 2 包含受規管活動制度的詳細指引。例如，聯屬行銷人員透過介紹潛在客戶給投資公司賺取佣金，可能需要考慮該活動是否涉及他們以業務方式進行受監管的安排活動。特定聯屬公司的活動是否屬於受監管活動，將取決於聯屬公司角色的性質。如果他們進行的是受監管活動，他們需要考慮如何合法地進行。
3.24 In addition to this Guidance, firms and affiliate marketers should be aware of other standards and guidance that apply to their activities, such as the ASA’s guidance on online affiliate marketing.
3.24 除本指引外，商號及聯盟營銷商亦應注意適用於其活動的其他標準及指引，例如 ASA 的網上聯盟營銷指引。

Table 2: Examples of good and poor practices for the monitoring and oversight of affiliate marketers, such as influencers
表 2：關聯營銷商（如影響力推廣者）監督和監管的良好和不良實踐範例

Good monitoring and oversight practices
良好的監測與監督作法

Poor monitoring and oversight practices
不良的監控與監督作法

制定聯屬公司政策，並針對具有國際架構的公司制定適用於英國的政策，以及根據新規定定期更新條款與條件。

Having an affiliates policy, and one specific

to the UK for firms with an international

structure, and regularly updating the terms

and conditions in light of new rules.

讓聯盟會員確保促銷訊息的傳達合法且符合我們的規則。

Leaving it to affiliates to ensure promotions

are communicated legally and in compliance

with our rules.

持續監控聯盟會員所做的促銷活動，以確保它們在有生之年都能保持合規。

Monitoring promotions made by affiliates

on an ongoing basis to ensure they remain

compliant for their lifetimes.

很少或根本沒有按照 COBS 4 的要求持續監控聯屬公司所做促銷的合規性。

Little or no ongoing monitoring of the

compliance of promotions made by affiliates

as required by COBS 4.

建立監督和控制系統，以確保聯屬公司僅傳達公司準備的內容。

Having oversight and control systems in place

to ensure affiliates only communicate content

prepared by the firm.

控制措施只專注於確保特定通訊符合規定，而沒有考慮更廣泛的問題，例如聯盟會員修改內容或傳達他們自己的促銷活動。

Control measures that solely focus on

ensuring a particular communication is

compliant and do not consider wider issues

such as affiliates amending content or

communicating their own promotions.

Terminating affiliate relationships where there
終止聯盟關係

are continued non-compliance issues.
是持續的違規問題。

擁有許多聯盟合作夥伴關係，加上控管不足和只有少數員工可確保合規。

Having many affiliate partnerships combined

with inadequate controls and few staff to

ensure compliance.

Chapter 4 第四章

What is an influencer? 何謂影響者？

4.1 We’ve seen harm occurring from influencers communicating legal but non-compliant financial promotions (where promotions have been approved by an appropriate authorised person) and illegal financial promotions (where promotions have not been appropriately approved for the purposes of s21). The way influencers work varies. Some influencers have direct relationships with firms and others promote on their own initiative. Some of the different kinds of influencer business models are outlined below.
4.1 我們發現，影響者傳達合法但不合规的金融促銷（促銷已獲適當的獲授權人士批准）和非法金融促銷（促銷未就第 21 條的目的獲得適當批准）所造成的傷害。影響者的工作方式各有不同。有些影響者與公司有直接關係，有些則主動進行促銷。下文概述了一些不同類型的影響者業務模式。
4.2 First, there are the archetypal celebrity influencers who are not associated with financial services but have large follower groups. These influencers are not financial experts but may be compensated for using their digital presence to promote companies that have a business interest in persuading people to make certain financial decisions.
4.2 首先是典型的名人影響者，他們與金融服務無關，但擁有龐大的追隨者群體。這些有影響力的人並非金融專家，但可能會獲得報酬，因為他們利用自己的數位形象來宣傳那些在說服人們做出某些金融決策方面有商業利益的公司。
4.3 Second, there are financial influencers known as ‘finfluencers’ who may not be authorised by the FCA to provide financial advice yet share their opinions and recommendations on digital platforms. Consumers show high levels of trust in finfluencers, but their advice can sometimes be misleading.
4.3 其次，有些被稱為「金融影響者」(finfluencers)的金融影響者，可能未獲 FCA 授權提供金融建議，但卻在數碼平台上分享他們的意見及建議。消費者對金融影響力人士的信任度很高，但他們的建議有時可能具有誤導性。
4.4 Third, there are forums and discussion groups on financial topics that function as spaces in which individuals exchange information and share knowledge. These forums can be both public (such as Reddit) or private (such as Telegram). Sometimes these groups are set up to encourage participants to register for a specific course or are used by participants to encourage others to engage in personal chats outside the platform where they sell financial advice or financial products.
4.4 第三，有一些有關金融主題的論壇和討論群組，作為個人交換資訊和分享知識的空間。這些論壇可以是公開的（如 Reddit），也可以是私人的（如 Telegram）。有時候，這些群組的設立是為了鼓勵參與者註冊特定課程，或者是由參與者用來鼓勵其他人在平台之外進行個人交談，在平台上銷售金融建議或金融產品。
4.5 All segments of the influencer market are capable of communicating a financial promotion, and whether a communication falls within the scope of s21 is not based on the size of an influencer’s following.
4.5 影響者市場的各個區塊都有能力傳播金融促銷，而傳播是否屬於第 21 條的範圍並非取決於影響者的追隨者人數。
4.6 The FCA has partnered with the ASA to create an infographic, which is designed to help influencers make an informed choice when they are approached to promote a financial product or service. This infographic encourages influencers to consider whether they are the right person to promote a product or service as well as highlighting when they may be at risk of communicating financial promotions illegally.
4.6 FCA 已與 ASA 合作製作資訊圖表，旨在協助有影響力的人士在接觸他們以推廣金融產品或服務時，作出明智的選擇。此資訊圖表鼓勵有影響力人士考慮他們是否適合推廣產品或服務，並強調他們在何種情況下可能有非法傳播金融促銷的風險。

Figure 13: FCA - ASA infographic to help influencers who have the opportunity to promote a financial product
圖表 13：FCA - ASA 資訊圖表協助有機會推廣金融產品的影響者

Get it right -
The checklist for responsible financial promotions
正確處理 - 負責任的金融促銷清單

The FCA and ASA monitor content online and will take action against those not following the rules.
FCA 和 ASA 監控線上內容，並會對不遵守規則者採取行動。
This checklist will help you get it right.
這份核對表可協助您正確處理。

Are you providing advice about a financial product?
您是否提供有關金融產品的建議？
Are you authorised by the FCA or has your post been approved by an FCA authorised person? Seek legal advice if you are unsure.
您是否獲 FCA 授權，或您的職位是否已獲 FCA 授權人員批准？如果您不確定，請尋求法律建議。
Have you or your agent done your due diligence?
您或您的經紀人有做應盡的努力嗎？
Does your post follow the ASA rules?
您的文章符合 ASA 規則嗎？

Is it legal, truthful, responsible & correctly labelled as an ad?
它是否合法、真實、負責任，並正確標示為廣告？

Promoting crypto? 推廣加密貨幣？

You must make it clear to your followers:
您必須向您的追隨者說清楚：

that cryptocurrency is unregulated;
加密貨幣不受監管；
profits may be subject to tax; and
利潤可能需要繳稅；及
the value of any investment could fall.
任何投資的價值都可能下跌。
Don’t suggest to your followers that cryptoassets would be an easy investment decision or create any sense of urgency or FOMO.
不要向您的追隨者暗示加密資產會是一個簡單的投資決定，也不要製造任何緊迫感或 FOMO。

Other policies to be aware of
其他需要注意的政策

4.7 Firms and influencers should be aware of wider regulation on advertising online set out by the ASA. The ASA recently published an update on their expectations of influencer advertising. If an influencer receives payment or any other incentive from a brand, or they are otherwise personally or commercially connected to the brand, any content featuring or referring to the brand will need to be obviously identifiable as advertising. The ASA also has guidance on advertising delayed payment services (unregulated BNPL). More broadly, firms and influencers should make sure they have familiarised themselves with the UK Code of Non-broadcast Advertising and Direct and Promotional Marketing (the CAP code).
4.7 企業和影響者應了解澳洲廣告協會就網上廣告制定的更廣泛規管。ASA 最近發佈了他們對影響者廣告期望的更新。如果有影響力的人從某一品牌獲得報酬或任何其他獎勵，或他們與該品牌有其他個人或商業聯繫，則任何以該品牌為特色或提及該品牌的內容將需要明顯識別為廣告。ASA 也有針對延遲付款服務 (不受監管的 BNPL) 的廣告指南。更廣泛來說，企業和有影響力的人士應確保已熟悉英國的《非廣播廣告及直接和促銷行銷守則》（CAP 守則）。
4.8 Influencers should also be mindful of the Market Abuse Regulation (MAR) if they are producing or providing investment recommendations on social media. Under article 20 of MAR, anyone recommending or suggesting an investment strategy must make sure information is objectively presented and disclose any conflicts of interest. People who repeatedly propose investment decisions and who present themselves as having financial expertise and experience are required to disclose more detailed information. Further information can be found in COBS 12.4, on our website, and in our technical standards.
4.8 如果影響者在社交媒體上製作或提供投資建議，還應注意《市場消費規例》(MAR)。根據 MAR 第 20 條，任何推薦或建議投資策略的人都必須確保資訊的客觀性，並披露任何利益衝突。重複建議投資決策，且自稱擁有金融專業知識和經驗的人，必須披露更詳細的資訊。更多資訊請參閱 COBS 12.4、我們的網站以及我們的技術標準。

4.9 Firms and influencers using social media to communicate financial promotions should be aware of social media platforms’ own policies relating to advertising on their platforms. There may be additional requirements or restrictions beyond what is set out in this Guidance. Firms and influencers should check a social media platform’s own policy before using the service to communicate a promotion.
4.9 使用社交媒體傳達金融促銷訊息的企業和有影響力的人士應了解社交媒體平台本身有關在其平台上刊登廣告的政策。除了本指引所列出的要求或限制外，可能還有其他要求或限制。在使用社交媒體平台傳達促銷訊息之前，企業和有影響力的人士應查閱社交媒體平台本身的政策。
4.10 Online platforms need to consider how the financial promotion regime applies to them and ensure that they do not host illegal content. This includes removing this when alerted to its presence. Platforms should also consider whether their sites are suitable for promotions of certain high-risk products given their complexity. For example, some platforms have banned the promotion of binary options or other similar financial products.
4.10 線上平台需要考慮金融促銷制度如何適用於它們，並確保它們不承載非法內容。這包括在發現非法內容時予以刪除。鑒於某些高風險產品的複雜性，平台也應考慮其網站是否適合推廣該等產品。例如，有些平台已禁止推廣二元期權或其他類似的金融產品。
4.11 Additionally, the Online Safety Act, among other things, places duties on online services, including but not limited to search engines and social media sites, to put in place proportionate systems and processes to mitigate the risks to users posed by illegal content on their sites, including illegal financial promotions. This new regime will be overseen by Ofcom. We continue to work closely with Ofcom to create a shared understanding of how platforms’ obligations under the regime will interact with financial promotion legislation.
4.11 此外，《網上安全法》(Online Safety Act)，除其他事項外，還規定網上服務（包括但不限於搜尋引擎及社交媒體網站）有責任設立相稱的制度及程序，以減低其網站上的非法內容（包括非法金融推廣）對使用者構成的風險。這套新制度將由 Ofcom 監督。我們將繼續與通訊辦公廳緊密合作，就平台在該制度下的義務將如何與金融促銷立法互動建立共同的理解。

Firms and their responsibilities as approvers of financial promotions
公司及其作為財務宣傳批准人的責任

4.12 Unauthorised influencers who are communicating financial promotions in the course of business without s21 approval from an appropriate authorised person are likely to be communicating an illegal financial promotion, unless the promotion is exempt under the FPO. An appropriate authorised person who approves a promotion would not necessarily be responsible if the contents of the promotion are changed by an unauthorised entity and communicated without permission.
4.12 未經適當的獲授權人士批准，在業務過程中傳播金融促銷訊息的未獲授權影響者很可能傳播非法金融促銷訊息，除非該促銷訊息根據《金融犯罪條例》獲得豁免。如果促銷內容被未經授權的實體更改並在未經允許的情況下傳播，則批准促銷的適當獲授權人不一定要負責。
4.13 Firms approving the financial promotions of influencers should consider the influencer’s audience demographics and whether they are likely to have an audience with characteristics of vulnerability. For example, it would be inappropriate for investment firms to work with influencers whose content centres around tips on how to quickly get out of debt, without regard for the nature of the influencer’s audience.
4.13 企業在批准有影響力人士的財務宣傳時，應考慮有影響力人士的觀眾人口統計，以及他們的觀眾是否可能具有易受影響的特徵。舉例來說，若有影響者的宣傳內容圍繞如何快速擺脫債務的訣竅，則投資公司不宜與該影響者合作，而不考慮該影響者受眾的性質。
4.14 Firms that approve investment-related financial promotions (including for HRIs) are reminded that strengthened requirements (in COBS 4.10) apply to such approvals. Under the ongoing monitoring requirement, firms are required to play an active role in ensuring approved promotions remain compliant for their lifetime. In support of this requirement, they are also required to obtain attestations of ‘no material change’ for the approved promotion every 3 months.
4.14 商號如批准與投資有關的金融推廣活動(包括為人權投資機構而設)，須注意加強的規定(載於《守則》第 4.10 條)適用於該等批准活動。根據持續監察的規定，商號須擔當積極的角色，確保獲批准的推廣在其有效期內維持合規。為了支持這項要求，公司也必須每 3 個月取得核准促銷「無重大變更」的證明。
4.15 Firms approving the communication of influencers’ investment-related promotions should ensure they are playing an active role in ensuring the promotion remains compliant for its lifetime. They should also be mindful of their choice of influencer when communicating financial promotions. We’ve seen firms using influencers that may not be appropriate for the promotion of complex products such as CFDs. Firms should ensure the influencer understands the products or services they are promoting and how to be compliant in their promotions on social media.
4.15 批准傳播有影響力人士的投資相關促銷活動的公司應確保他們在確保促銷活動在其有效期內保持合規方面發揮積極作用。他們在傳播金融促銷時，也應注意選擇有影響力的人。我們曾見過一些公司使用的影響者可能不適合差價合約等複雜產品的推廣。公司應確保影響者瞭解其推廣的產品或服務，以及如何在社交媒體上合規推廣。

'In the course of business'
在業務過程中

4.16 We’ve seen cases of influencers communicating financial promotions without realising they fall within the perimeter of s21. This is often because firms and influencers assume there must be direct compensation for an influencer’s post to be subject to the financial promotion restriction. We’ve also seen examples of unauthorised persons communicating financial promotions in chatrooms without realising that any underlying commercial interest could mean the promotion is subject to the s21 restriction.
4.16 我們曾見過有影響力人士在傳播金融促銷時沒有意識到自己屬於第 21 條的範圍。這通常是因為公司和影響者假設影響者的文章必須有直接補償才會受到金融促銷限制。我們也見過未經授權的人在聊天室傳播金融促銷，卻沒有意識到任何潛在的商業利益可能意味著該促銷受到第 21 條限制的例子。
4.17 We’ve seen financial promotions be communicated on chatrooms such as Reddit and Telegram, often using memes to hype up specific investments. Users of chatrooms or forums should be aware that financial promotions on these channels will still be subject to the financial promotion restriction. This applies to both public and invitation-only platforms.
4.17 我們見過有人在 Reddit 和 Telegram 等聊天室傳播金融促銷，通常是利用memes 來炒作特定的投資。聊天室或論壇的使用者應注意，在這些管道上進行的金融促銷仍受金融促銷限制。這同時適用於公開平台和受邀平台。
4.18 Section 21 provides that a person must not communicate an invitation or inducement to engage in investment (or claims management) activity ‘in the course of business’. We consider that this requires a commercial interest on the part of the communicator. This does not necessarily have to be a direct interest and, in our view, is intended to capture any level of commerciality. Where an influencer operates on a commercial basis and they communicate a financial promotion alongside their other content, in our view that is likely to be enough for the influencer to be considered to be communicating the promotion in the course of business.
4.18 第 21 條規定，任何人不得 ﹟ 在業務過程中 ﹠ 傳達邀請或誘使參與投資（或申索管理）活動的訊息。我們認為這需要傳達者有商業利益。這不一定是直接利益，而且我們認為，其目的在於捕捉任何程度的商業性。如果影響者是在商業基礎上運作，而他們在傳播其他內容的同時也傳播金融促銷，我們認為這就足以將影響者視為在業務過程中傳播促銷。
4.19 We’ve set out a non-exhaustive list of examples below to explain where influencers and unauthorised persons communicating financial promotions would, in our view, likely be acting ‘in the course of business’ within the meaning of s21. These scenarios purely look at the business test, but firms and unauthorised persons should consider all elements of s21 when considering whether communications are subject to the financial promotion restriction.
4.19 我們在下文列出非詳盡的範例，說明我們認為傳播金融促銷訊息的影響者和未獲授權者可能在第 21 條所指的「業務運作」過程中的行為。這些情況純粹考量業務測試，但公司和未獲授權人士在考慮通訊是否受金融促銷限制時，應考慮第 21 條的所有要素。

An influencer is directly compensated by a firm and issues posts encouraging followers to use the firm's services.
影響者直接從公司獲得報酬，並發佈文章鼓勵追隨者使用公司的服務。

4.20 An influencer would likely be acting ‘in the course of business’ because they are employed or recruited to promote the services of the firm and therefore the requirement that there is ‘a commercial interest’ on the part of the influencer, as set out in PERG 8.5.2G, would be satisfied.
4.20 影響者很可能是「在業務過程中」行事，因為他們是受僱或受聘來推廣公司的服務，因此符合 PERG 8.5.2G 所載影響者存在「商業利益」的規定。

An influencer is not currently employed by a firm but is promoting a firm's services to generate revenue from a relationship with the firm in the future.
有影響力的人目前並非受雇於公司，而是推廣公司的服務，以便在未來與公司建立關係，從中獲取收入。

4.21 An influencer would likely be acting ‘in the course of business’ because they have a commercial interest in promoting the firm’s services as they are communicating in anticipation of future revenue from a relationship with the firm. As set out in PERG 8.5.2G: (i) a person who is carrying on any business may satisfy the ‘in the course of business’ criterion if the promotion is in the course of business and (ii) the commercial interest does not have to be a direct interest.
4.21 影響者很可能是「在業務運作過程中」行事，因為他們在推廣公司的服務時有商業利益，因為他們是在預期未來會從與公司的關係中獲得收入的情況下進行溝通的。正如 PERG 8.5.2G 所述：(i) 如果推廣是在業務過程中進行，則經營任何業務的人士都可能符合「在業務過程中」準則；(ii) 商業利益不一定是直接利益。

An influencer is promoting the services of a firm on a social media platform in a bid to acquire more views and attention for their content. They are then directly compensated by the social media platform for the views they acquire.
有影響力的人在社交媒體平台上宣傳公司的服務，為其內容爭取更多觀點和關注。社交媒體平台會就他們獲得的瀏覽量直接向他們支付報酬。
4.22 An influencer would likely be acting ‘in the course of business’ because the promotion is aimed at acquiring more views, attention, and ‘traffic’ for which they will be directly compensated by the online platform, which would constitute a commercial interest.
4.22 有影響力的人很可能是「在業務過程中」行為，因為推廣的目的是為了獲得更多的觀點、注意力和「流量」，而他們將獲得網路平台的直接報酬，這將構成商業利益。

Abstract 摘要

An influencer is promoting the services of a firm but only to try to acquire more followers and likes. They will then use the increased followers and likes to ask for a higher fee in future brand deals with firms.
有影響力的人正在推廣公司的服務，但只是為了嘗試獲得更多的追隨者和讚好。然後，他們會利用增加的追隨者和讚好，在未來與公司的品牌交易中要求更高的費用。

4.23 An influencer would likely be acting ‘in the course of business’ because their promotion of the firm’s services is to increase their followers or likes, improve their brand and use that improved brand to negotiate higher fees in future commercial deals. This constitutes a commercial interest. The interest does not need to be direct and therefore the ‘future seeking’ aspect of this scenario does not prevent it from being ‘in the course of business.’
4.23 有影響力的人很可能是「在業務過程中」行事，因為他們推廣公司的服務是為了增加他們的追隨者或讚好，提升他們的品牌，並利用提升後的品牌在未來的商業交易中談判更高的費用。這構成了商業利益。該利益不需要是直接的，因此此情況中的「未來尋求」並不阻止其成為「在業務過程中」。

Person A is promoting chatroom B which they run to promote investment products. They have a commercial relationship with firm C who sells investment products.
個人 A 正在推廣聊天室 B，他們經營聊天室 B 是為了推廣投資產品。他們與銷售投資產品的 C 公司有商業關係。
4.24 Person A would likely be acting ‘in the course of business’ because there is a commercial interest on their part in promoting both chatroom B and they have a commercial relationship with firm C. This would be true even if person

A

is not promoting firm C’s products in the chatroom or otherwise. Depending on the circumstances, the promotion of the chatroom alone may or may not be an invitation or inducement to engage in investment activity.
4.24 個人A很可能是「在業務過程中」行為，因為他們推廣聊天室B有商業利益，而且他們與公司C有商業關係，即使個人

A

沒有在聊天室或其他地方推廣公司C的產品，也是如此。視情況而定，單單推廣聊天室可能是也可能不是邀請或誘使參與投資活動。

Person A is promoting investment products on a social media platform to lead people to a chatroom centred around investing that they run or are involved in running. They gain a monetary benefit from the success of the chatroom, for example by selling courses about investing.
A 人在社交媒體平台上宣傳投資產品，引導人們到他們經營或參與經營的以投資為中心的聊天室。他們從聊天室的成功獲得金錢利益，例如銷售有關投資的課程。
4.25 Person A is likely to be acting ‘in the course of business’ because there is a commercial interest on their part to promote products to attract people towards a specialist investments chatroom they run or are involved in running. Depending on the circumstances, the promotion of the investment products in this example may or may not be an invitation or inducement to engage in investment activity.
4.25 個人 A 很可能是「在業務過程中」行事，因為他們有商業利益推廣產品，吸引人們進入他們經營或參與經營的專業投資聊天室。視情況而定，此例中的投資產品促銷可能是也可能不是邀請或誘使參與投資活動。

An influencer promotes the services of a firm through an affiliate link. When a consumer clicks the link and purchases the product the influencer will be directly compensated for their purchase.
影響者透過聯盟連結來推廣公司的服務。當消費者點擊鏈接並購買產品時，影響者將獲得直接報酬。
4.27 An influencer would likely be acting ‘in the course of business’ because they are promoting the firm’s affiliate link and their services to receive direct compensation when the consumer clicks or purchases the product. Therefore, the requirement that there is ‘a commercial interest’ on the part of the influencer, as set out in PERG 8.5.2G, would be satisfied.
4.27 影響者很可能是「在業務過程中」行事，因為他們正在推廣公司的聯盟連結及其服務，以便在消費者點擊或購買產品時直接獲得報酬。因此，影響者應符合 PERG 8.5.2G 所載「商業利益」的規定。

Annex 1 附件一

Feedback Statement 反饋聲明

Date of consultation: 17 July 2023 - 11 September 2023
諮詢日期：2023 年 7 月 17 日至 2023 年 9 月 11 日

Summary of feedback received
收到的回饋摘要

In July 2023, we consulted on proposed guidance on the communication of financial promotions on social media.
2023 年 7 月，我們就有關在社交媒體上傳播金融促銷的建議指引進行諮詢。
We received 110 responses from a range of stakeholders, including financial services firms, individuals, trade bodies, not-for-profit organisations, consumer and practitioner panels, and a regulator. We would like to thank all respondents for their feedback.
我們收到 110 份來自不同利害關係人的回應，包括金融服務公司、個人、行業團體、非營利組織、消費者與從業員小組，以及一位監管機構。我們感謝所有回應者的意見。
The following statement summarises the feedback we received and our responses. The Final Guidance reflects our response to feedback and has minor amendments but remains largely unchanged from the draft Guidance. We present the feedback received and our responses under each of the questions posed in the Guidance Consultation.
以下聲明總結了我們收到的反饋意見和我們的回應。最終指引》反映了我們對反饋意見的回應，並作了輕微修訂，但與《指引》草案相比基本保持不變。我們根據《指引》諮詢中提出的每個問題，列出收到的反饋意見和我們的回應。
Respondents generally welcomed updated guidance in light of the changing nature of social media and the introduction of significant regulatory changes, such as the Consumer Duty (the Duty), since the last Guidance was published in 2015. Several respondents asked for more specific guidance about how to comply with the Duty or how our rules apply to particular features of social media. Several respondents expressed concern that our approach to prominence was too onerous and might deter consumer engagement. Some respondents asked for more information about what oversight and monitoring of affiliate marketers, such as influencers, is appropriate. Several respondents argued that influencers and social media platforms should bear more responsibility for complying with our rules and preventing scams and fraud online.
鑒於社交媒體性質的變化，以及自 2015 年發佈上一份《指引》以來引進的重大監管變革（如《消費者責任》），回應者普遍歡迎更新的指引。幾位回應者要求提供更明確的指引，說明如何遵守責任，或我們的規則如何適用於社交媒體的特定功能。有幾位回應者擔心，我們對於顯著性的處理方式過於嚴苛，可能會阻礙消費者的參與。有些回應者要求提供更多資訊，說明對聯盟營銷者 (例如影響者) 適當的監督和監控。幾位回應者認為，影響者和社交媒體平台應承擔更多責任，以遵守我們的規則，並防止線上詐騙和欺詐。
Most of the responses we received from individuals were related to alleged scams or fraud they had encountered online or seen in the media. We’ve considered all the information received in line with our usual process. If you’re suspicious about an investment you’ve seen online, or a financial service you’ve paid for, please report it to us. We look into every report we receive, and it could help protect others. Our website contains information about how to report scams or an unauthorised firm.
我們收到的大部分個人回覆都與他們在線上遇到或在媒體上看到的涉嫌詐騙或欺詐行為有關。我們已按照慣常流程考慮了所有收到的資訊。如果您對線上看到的投資或已付款的金融服務有懷疑，請向我們報告。我們會調查我們收到的每一份報告，它可以幫助保護其他人。我們的網站包含有關如何舉報詐騙或未經授權公司的資訊。

Response to feedback received
對收到的回饋的回應

Eleven responses argued that our approach to prominence, including for prescribed risk warnings that are required to be shown in promotions for some products and services such as high-risk investments (HRIs), goes too far. These responses tended to argue that consumers would be put off by large, prominent risk warnings and that this could lower consumer engagement and understanding.
有 11 份回應認為，我們對於顯眼程度的處理方式，包括某些產品和服務（例如高風險投資 (HRIs)）必須在促銷活動中顯示的訂明風險警告，做得太過分了。這些回應傾向於認為，消費者會對大篇幅、顯著的風險警告感到反感，而且這可能會降低消費者的參與程度和瞭解程度。
Some respondents argued that the Guidance also increased the obligations on mainstream investment firms to provide risk information and would therefore reduce firms’ ability to promote investing to consumers. They noted that this would be in opposition to our Consumer Investments Strategy ambitions of enabling firms to better support consumers that might want to invest and reducing the number of consumers with higher risk tolerances holding their money as cash.
一些回應者認為，《指引》也增加了主流投資公司提供風險資訊的義務，因此會降低公司向消費者推廣投資的能力。他們指出，這與我們「消費者投資策略」的願景背道而馳，即讓企業能更好地支援可能想要投資的消費者，並減少風險承受能力較高的消費者持有現金的數量。
Respondents raised several specific examples relating to various kinds of social media platforms and asked how our expectations would apply. This included whether information about risk needs to be included on every slide of a ‘carousel post’, what exactly constitutes a ‘sustained period’ in a video promotion, and whether information about risk has to be the same size font as the headline text of a post.
回應者提出數個與各種社交媒體平台相關的具體例子，並詢問我們的期望將如何適用。這包括風險資訊是否需要包含在「旋轉貼文」的每張幻燈片上、視訊促銷中「持續期間」的確實構成要素，以及風險資訊是否必須與貼文的標題文字使用相同大小的字體。
For prescribed risk warnings, respondents sought more information on whether it would be acceptable to truncate a risk warning behind an ellipsis, requiring consumers to ‘click through’ to view the complete warning. Some respondents asked whether a truncated warning combined with a signpost that linked to a webpage with the complete warning would be acceptable. Some respondents were particularly concerned about their ability to include complete risk warnings in promotions on character-limited platforms.
對於訂明風險警告，回應者要求提供更多資訊，說明在省略號後截短風險警告，要求消費者「點擊」查看完整警告是否可以接受。一些回應者詢問，是否可以接受縮短的警告內容，並結合一個標誌，連結到載有完整警告內容的網頁。有些回應者特別擔心他們是否有能力在字元有限的平台上，將完整的風險警告包含在促銷活動中。
Some respondents asked for more visual examples showing how we expect risk warnings to be displayed in promotions on different kinds of social media for different kinds of products and services.
有些回應者要求提供更直觀的例子，說明我們期望如何在不同種類的社交媒體上針對不同種類的產品和服務進行促銷時顯示風險警告。
Some respondents argued that the requirement for promotions to be standalone compliant should be dropped in light of the Duty coming into effect. They put forward that this would give firms more flexibility to better promote consumer understanding throughout the consumer journey.
一些回應者認為，鑒於責任的生效，應取消促銷活動必須獨立合規的要求。他們提出，這將給予企業更大的彈性，以便在整個消費過程中更好地促進消費者的理解。

Response 回應

A core requirement of the Duty is that firms must support retail customer understanding and communicate information to retail customers in a way which is clear, fair and not misleading. Our approach to prominence is designed to ensure that consumers are equipped to make decisions that are effective, timely and properly informed. Generally, promotions should provide a balanced view of the benefits and risks to enable consumers to make better informed decisions.
該責任的核心要求是公司必須支持零售客戶的理解，並以清晰、公平且不誤導的方式向零售客戶傳達資訊。我們對顯著性的處理方式是為了確保消費者有能力做出有效、及時和適當的決定。一般而言，促銷活動應提供利益與風險的平衡觀點，讓消費者能做出更明智的決定。

In addition to the general requirement that promotions support consumer understanding, we require promotions for some products and services to display certain information ‘prominently’. Further, some products and services are required to include prescribed risk warnings prominently in their promotions, and there are sometimes specific rules around how those risk warnings are to be displayed. We’ve updated the Guidance to clarify how we expect each of these categories of information to be displayed prominently in relevant financial promotions.
除了促銷活動必須有助於消費者瞭解的一般要求之外，我們還規定某些產品和服務的促銷活動必須「顯著」顯示某些資訊。此外，有些產品和服務必須在促銷活動的顯眼處包含訂明的風險警告，有時這些風險警告的顯示方式也有特定的規定。我們已更新《指引》，以闡明我們期望在相關金融促銷活動中如何顯著顯示上述各類資訊。
We understand that the requirement for some information to be prominently displayed in promotions for some products and services is likely to result in some consumers deciding not to engage with a promotion any further. Making this information available to consumers enables them to make a more informed choice in line with their needs and risk tolerance. It allows them to make a decision on whether and to what degree they wish to engage with the promotion based on clear, useful information. As the visual examples in the Guidance show, there are many ways to comply with our approach to prominence. We do not believe that consumers are likely to be unnecessarily deterred from engaging with products that are appropriate for them.
我們了解到，規定某些產品和服務的促銷活動必須在顯眼處顯示某些資訊，可能會導致某些消費者決定不再參與促銷活動。向消費者提供這些資訊能讓他們根據自己的需求和風險承受能力做出更明智的選擇。消費者可以根據清楚、有用的資訊，決定是否參與促銷活動，以及參與的程度。正如《指引》中的視覺範例所示，有許多方法可以符合我們對顯著性的要求。我們不認為消費者可能會不必要地阻止他們接觸適合他們的產品。

The Guidance does not increase the requirements on financial service providers, including mainstream investment firms, beyond the pre-existing standards required to comply with the Consumer Duty and the relevant sector sourcebooks. The appropriate level of detail for a promotion will depend on various factors, including the complexity of the product or service being promoted, and we have updated the Guidance to clarify that firms have flexibility in how they support consumer understanding with their promotions. We have also updated Figure 2 from the consultation (now Figure 3) to provide a simpler example of how a mainstream pension service could be promoted on social media.
本指引不會提高對金融服務提供者（包括主流投資公司）的要求，使其超出遵守「消費者責任」及相關行業資料手冊的原有標準。推廣活動的適當詳細程度將取決於各種因素，包括所推廣的產品或服務的複雜性，我們已更新《指引》以闡明企業可靈活處理支援消費者瞭解其推廣活動的方式。我們也更新了諮詢中的圖表 2（現為圖表 3），以提供一個更簡單的範例，說明如何在社交媒體上推廣主流退休金服務。
We also remind firms that requirements for specific risk information to be prominently displayed are often triggered by the inclusion of relevant promotional elements, rather than being an absolute requirement. As outlined in the Guidance, where appropriate, firms can choose to use image advertising or other simple promotions to signpost consumers towards more detailed sources of information.
我們也提醒企業，在顯眼處顯示特定風險資訊的要求，通常是由於包含相關的促銷元素而觸發，而非絕對的要求。如《指引》所述，在適當的情況下，企業可以選擇使用形象廣告或其他簡單的促銷方式，為消費者指向更詳細的資訊來源。

When we require certain information to be ‘prominently’ displayed, we’ve clarified that we expect this information should not be truncated or obscured by a design feature of the platform. If this is not possible, we’ve clarified that as much of the information should be displayed as possible or the information should be included in an accompanying image. This will only be appropriate if the promotion is still compliant with our rules on a standalone basis, despite the truncated text. We’ve also clarified that prescribed risk warnings should be prominent relative to other elements of a promotion, though not necessarily the same size font as the headline.
當我們要求某些資訊必須「顯著」顯示時，我們已闡明我們期望此資訊不應被平台的設計功能截斷或遮蔽。如果無法做到這一點，我們已闡明資訊應儘量顯示，或資訊應包含在隨附的圖片中。儘管文字被縮短，但只有在促銷仍符合我們獨立規則的情況下，這樣做才是適當的。我們也闡明，規定的風險警告應相對於促銷的其他元素而言較為顯眼，但不一定要與標題使用相同大小的字體。
We’ve also updated the Guidance to clarify that for some products and services there may be additional requirements for how information is to be displayed. We’ve noted, as an example, that we expect prescribed risk warnings for HRIs not to be truncated or obscured at all. Just as it would be inappropriate to truncate or obscure part of a prescribed risk warning for HRIs behind a feature of a webpage, it is inappropriate to truncate or obscure part of a prescribed risk warning when the promotion appears on social media. This information is required to be displayed prominently because we saw too many consumers purchasing products and services that were not aligned with their risk tolerance and were unlikely to meet their needs.
我們也更新了「指引」，以闡明某些產品和服務可能對資訊的顯示方式有額外的要求。舉例來說，我們希望HRI的訂明風險警告不要被截斷或模糊不清。正如在網頁功能後截斷或隱藏部分 HRI 的訂明風險警告是不適當的，當宣傳出現在社交媒體上時，截斷或隱藏部分訂明風險警告也是不適當的。這些資訊必須顯眼地顯示出來，因為我們看到太多消費者購買與他們的風險承受能力不符的產品和服務，而且這些產品和服務也不可能滿足他們的需求。

The visual examples provided in the Guidance cover several different kinds of social media, including text and video-based formats, for a variety of financial products and services. Given the wide variety and rapidly evolving nature of social media platforms, we cannot provide examples of promotions for every type of product and platform. Firms should be testing how their promotions are displayed and ensuring that information is displayed as they intended, particularly if there is a requirement for certain information to be displayed prominently. We believe this Guidance, read alongside other guidance on the financial promotion rules, provides sufficient information for firms to comply with our rules and expectations.
本指引所提供的視覺範例涵蓋數種不同的社交媒體，包括文字和視訊形式，適用於各種金融產品和服務。由於社交媒體平台種類繁多且發展迅速，我們無法提供每種產品和平台的促銷範例。企業應測試其促銷活動的顯示方式，並確保資訊是依其原意顯示，尤其是當某些資訊必須顯眼顯示時。我們相信，本指引與其他金融促銷規則指引一併閱讀，可提供足夠資訊，讓企業遵守我們的規則和期望。
We’re retaining the requirement for financial promotions to be standalone compliant. The Duty gives flexibility to firms to deliver and demonstrate good consumer outcomes through the consumer journey. But we believe that removing the requirement for promotions to be standalone compliant would make it significantly easier for some firms to exploit consumer biases. There is a particular risk that some firms would try to anchor a consumer’s opinion to an initial impression of a product or service that did not include appropriate information about the risks involved. Consumers may also not click-through to find additional information in the way firms anticipate. Ensuring all promotions give a balanced view of the benefits and risks so consumers can make properly informed and effective decisions is consistent with the aims of the Duty. As with our approach to prominence, we do not believe that consumers are likely to be unnecessarily deterred from engaging with products that are appropriate for them by requiring that every promotion presents an appropriately balanced view of the benefits and risks involved.
我們保留金融促銷必須獨立合規的要求。該責任給予企業靈活性，以在消費者旅程中提供和展示良好的消費者結果。但我們認為，取消促銷必須獨立合規的規定，會讓某些公司更容易利用消費者的偏見。有些公司會嘗試以消費者對產品或服務的初步印象為依據，而不提供適當的風險資訊，這樣的風險尤其大。消費者也可能不會以公司預期的方式點選搜尋額外的資訊。確保所有的促銷活動都能平衡地說明利益和風險，讓消費者能在適當的資訊下做出有效的決定，這與責任的目標是一致的。就像我們對顯著性的處理方式一樣，我們不認為規定每項促銷都要適當地平衡所涉及的利益和風險，會不必要地阻礙消費者接觸適合他們的產品。

Many respondents welcomed guidance on how the Duty applies to financial promotions on social media. Several respondents asked for more specific examples and information about how to comply with the Duty on different social media platforms.
許多回應者歡迎提供指引，說明該責任如何適用於社交媒體上的金融促銷。幾位回應者要求提供更多關於如何在不同社交媒體平台上遵守責任的具體例子和資訊。
Eight respondents questioned how firms can comply with the Duty when they do not have complete control over who sees a promotion on social media. Several responses were particularly concerned with the possibility that third parties could share a promotion beyond its target market, which they said might lead to a breach of the Duty.
八位回應者質疑，當企業無法完全控制誰會在社交媒體上看到促銷時，該如何遵守責任。有幾位回應者特別擔心第三方可能會在目標市場之外分享促銷，他們表示這可能會導致違反責任。
Some respondents asked for more information about how to test and show that their promotions on social media are delivering good consumer outcomes in compliance with the Duty.
有些回應者要求提供更多資訊，說明如何測試和證明他們在社交媒體上進行的促銷活動，能夠遵照責任為消費者帶來良好的結果。
In our consultation, we said that we had seen consumers on social media inappropriately bombarded by promotions from the same service or firm. Several respondents asked us to define ‘bombardment’ more precisely. Some asked whether it could be considered bombardment if they were just using the tools provided by social media platforms to target advertisements at particular groups. Some respondents argued that platforms have the most control over who sees promotions and how often, and they should bear more responsibility for this issue.
我們在諮詢中表示，我們曾在社交媒體上看到消費者被同一服務或公司的促銷活動不當轟炸。幾位回應者要求我們更精確地定義「轟炸」。一些回應者詢問，如果他們只是利用社交媒體平台提供的工具針對特定群體進行廣告宣傳，這是否可被視為轟炸。有些回應者認為，平台最能控制誰會看到促銷，以及看到的頻率，因此他們應該在這個問題上承擔更多責任。
Other issues raised by respondents included what responsibility influencers and affiliates have for complying with the Duty and whether marketing to professional investors on social media is possible with sufficient disclaimers.
受訪者提出的其他問題包括：影響者和聯屬公司在遵守責任方面應負什麼責任，以及在社交媒體上向專業投資者行銷時，是否可以有足夠的免責聲明。

Response 回應

The Duty gives flexibility to firms to achieve and deliver good consumer outcomes. The aim of this Guidance is not to remove that flexibility by setting detailed expectations for every scenario or kind of promotion on social media. It is up to firms to apply the Duty requirements to their own promotions, in line with the Guidance provided here and in other places.
本責任賦予企業彈性，以達成和提供良好的消費者結果。本指南的目的不是為社交媒體上的每種情況或類型的促銷設定詳細的期望，從而消除這種靈活性。企業應根據本指南和其他地方提供的指南，將責任要求應用於自己的促銷活動。

FG22/5 gives examples of good and poor practice under the Duty that firms can refer to, including how to tailor communications to their target market and the communication channel used. FG22/5 also provides guidance on how to test, understand, and evidence good consumer outcomes from their communications.
FG22/5 提供了《責任》下良好和不佳做法的範例供企業參考，包括如何針對目標市場和所使用的溝通渠道進行溝通。FG22/5 也就如何測試、瞭解和證明消費者通訊的良好效果提供了指引。

Abstract 摘要

We recognise there may be circumstances where firms do not have complete control over who views their promotions on social media, similar to other advertising channels. In particular, confining promotions to a restricted target market on social media may be practically difficult. We’ve clarified in the Guidance that if firms are concerned that their promotion might be viewed beyond a restricted target market on social media and this might lead to consumer harm or non-compliance with the Duty, they should consider whether social media is an appropriate channel for that promotion. In particular, we’ve reminded firms that they should consider the target market for their product or service and must tailor communications to retail customers, taking into account the characteristics of retail customers and the communication channel used (PRIN 2A.5.4 and 2A.5.8). Exactly what constitutes bombardment or excessive contact of an individual will depend on the facts of the case and factors such as the characteristics of the target market. In the Guidance, we’ve clarified that it is possible that using the tools provided by social media platforms to target advertisements at certain groups could result in consumers being inappropriately bombarded. The Guidance contains information, including an infographic, to help influencers and affiliate marketers consider their responsibilities under our financial promotion rules, including the Duty.
我們認同在某些情況下，公司無法完全控制誰會觀看他們在社交媒體上的促銷活動，就像其他廣告管道一樣。特別是，在社交媒體上將促銷活動限制在有限的目標市場可能會有實際困難。我們已在《指引》中闡明，如果企業擔心他們的促銷可能會在社交媒體上被限制的目標市場以外的人看到，而這可能會導致消費者受到傷害或違反責任，他們應該考慮社交媒體是否是該促銷的適當管道。我們特別提醒企業應考慮其產品或服務的目標市場，並必須針對零售客戶的特點和所使用的溝通渠道，量身打造溝通方式（PRIN 2A.5.4 和 2A.5.8）。究竟何謂轟炸或過度接觸個人將取決於個案的事實以及目標市場的特徵等因素。我們已在《指引》中澄清，使用社交媒體平台提供的工具針對特定群體進行廣告，有可能導致消費者受到不當的轟炸。本指引包含資訊圖表等資訊，可協助影響者和聯盟營銷商考量他們在我們的金融促銷規則（包括責任）下的責任。

Question 3: Do you agree with our approach to affiliate marketing? Please explain your answer, highlighting any other issues that would be useful to consider.
問題 3：您是否同意我們的聯盟行銷方式？請解釋您的答案，並強調任何其他值得考慮的問題。

Some respondents to this question asked for more information on who would be considered an affiliate and whether affiliates or firms are responsible for ensuring promotions comply with our rules in certain circumstances. Several respondents asked us to clarify that firms would not be liable for illegal or non-compliant promotions made by ‘rogue affiliates’, who are acting in breach of the agreement they have with a firm, or for promotions communicated by influencers with whom they have no relationship.
對於這個問題，有些回應者要求提供更多資訊，說明誰會被視為聯盟，以及在某些情況下，聯盟或公司是否有責任確保促銷活動符合我們的規則。幾位回應者要求我們闡明，對於違反與公司所訂協議的「無良聯屬公司」所進行的非法或違規促銷活動，或與公司沒有關係的影響者所傳播的促銷活動，公司將不負任何責任。
Several responses asked for more information about the level and kind of monitoring and oversight of affiliates, including influencers, that is required. Some asked us to give some examples of best practice oversight and monitoring. Two respondents argued that firms should only be required to make a ‘best effort’ to monitor and regulate the activity of influencers and affiliate marketers on social media.
有幾份回覆要求我們提供更多資訊，說明需要對聯屬公司 (包括有影響力的公司) 進行何種程度和類型的監控和監督。有些回應者要求我們舉出一些最佳監督和監控實務的例子。兩位回應者認為，應僅要求企業「盡最大努力」監察和規範社會媒體上的影響者和聯屬營銷商的活動。
Some respondents called for further regulation of affiliates beyond what is considered in this Guidance, such as prescribed compliance training for affiliates or a register of approved influencers.
有些回應者要求對聯繫人進行本指導原則以外的進一步規範，例如對聯繫人進行規定的合規訓練，或設立核准影響者名冊。
One respondent asked whether affiliates who are paid commissions based on the number of sales they generate, or the volume of trading generated by those sales, might be engaged in the regulated activity of arranging deals in investments.
一位回應者詢問，如果聯屬公司是依據其所產生的銷售數量或這些銷售所產生的交易量來支付佣金，那麼這些聯屬公司是否可能從事安排投資交易的受監管活動。

Response 回應

As some respondents noted, there are many different kinds of affiliate marketing and the exact nature of the relationship between an affiliate and a firm can vary widely. Our rules are designed to ensure that firms remain responsible for ensuring promotions that they communicate, or cause to be communicated, are legal and comply with our rules regardless of the exact nature of their relationship with an affiliate.
正如一些回應者所指出的，聯盟行銷有許多不同的種類，而聯盟與公司之間關係的確切性質也可能差異甚大。我們的規則旨在確保，不論公司與聯盟關係的確實性質為何，公司仍有責任確保他們所傳達或促使傳達的促銷是合法且符合我們的規則。

We’ve made it clear in the Guidance that an appropriate authorised person who approves a promotion would not necessarily be responsible if the contents of the promotion are changed by an unauthorised entity and communicated without permission. We’ve also reminded firms, however, that if they are concerned that an affiliate may alter their approved promotions or communicate unapproved promotions, they should consider whether it is appropriate to maintain their relationship with that affiliate, particularly given the requirements of the Duty.
我們已在《指引》中清楚說明，如果促銷內容被未經授權的實體擅自更改和傳播，則批准促銷的適當授權人不一定要負責。然而，我們也提醒企業，如果他們擔心聯屬公司可能會更改他們核准的促銷活動或傳達未經核准的促銷活動，他們應該考慮是否適宜與該聯屬公司維持關係，尤其是考慮到責任的要求。
We’ve also provided information in the Guidance about the responsibilities of affiliates and influencers when communicating financial promotions on social media. As the examples provided in the Guidance make clear, an influencer communicating a financial promotion on social media will often be doing so ‘in the course of business’ even if they do not have any kind of relationship with a firm. These promotions are likely to be subject to the financial promotion restriction and influencers should ensure that they only communicate them legally.
我們也在《指引》中提供資訊，說明聯屬公司和影響者在社交媒體上傳播金融促銷時的責任。正如指引中提供的例子所說明，在社交媒體上傳播金融促銷的影響者通常是「在業務過程中」這樣做，即使他們與公司沒有任何關係。這些促銷可能會受到金融促銷限制，影響者應確保只在合法的情況下傳達這些促銷。

We’ve updated the Guidance to help affiliates consider whether they might be engaged in a regulated activity specified in the Regulated Activities Order (RAO).
我們已更新指引，以協助聯屬公司考慮他們是否可能從事受監管活動法令 (RAO) 所指定的受監管活動。

Given existing regulatory structures, such as the standards set in our rules and by others such as the ASA, we do not believe it is necessary to introduce any additional regime for monitoring or ensuring compliance of affiliate marketers, such as influencers, at this time.
鑑於現有的監管架構，例如我們的規則和其他機構（例如 ASA）所設定的標準，我們認為目前沒有必要引進任何額外的制度來監督或確保聯盟營銷商（例如影響者）的合規性。

There was a mixed response to our suggestion that firms consider operating a separate UK-branded social media profile to mitigate the risk that UK consumers are directed to the website of an unregulated overseas group entity. Two respondents called for separate profiles to be mandatory for firms that want to make promotions to UK consumers. Three responses argued that separate profiles could increase the risk of scams and fraud by making it easier to impersonate firms online. Several other responses argued that maintaining separate profiles would be too costly, requiring too many staff to operate and ensure compliance with our rules.
對於我們建議企業考慮營運獨立的英國品牌社交媒體個人資料，以降低英國消費者被引導至不受監管的海外集團實體網站的風險，回應者意見不一。兩位回應者要求強制規定想要向英國消費者進行促銷的公司必須建立獨立的個人資料。三位回應者認為，獨立的個人資料可能會增加詐騙和欺詐的風險，因為這會讓人更容易在網路上冒充公司。其他幾份回覆則認為，維護獨立個人資料的成本過高，需要太多員工操作並確保符合我們的規則。
Some respondents questioned if it was possible to prevent UK consumers from viewing promotions communicated by the social media profiles of overseas entities, and if these promotions would then be capable of having an effect in the UK and be subject to our rules.
有些回應者質疑，是否有可能阻止英國消費者檢視海外實體的社交媒體檔案所傳達的促銷訊息，以及這些促銷訊息是否會在英國產生影響，並受到我們規則的規範。
Some other respondents argued that geo-locating tools are too expensive for smaller firms to use and asked for examples of other kinds of tools to ensure that UK consumers are not directed to the website of an unregulated overseas entity.
其他一些回應者認為地理定位工具對小型公司來說太昂貴，無法使用，並要求舉例說明其他類型的工具，以確保英國消費者不會被引導至不受監管的海外實體網站。
Several responses asked us to clarify if the financial promotions rules apply only to promotions capable of having an effect in the UK or to all promotions that can be viewed by a UK consumer, as paragraph 27 of the Guidance Consultation stated.
有幾個回覆要求我們澄清，金融促銷規則是否只適用於能在英國產生影響的促銷活動，或是如《指導諮詢》第 27 段所述，適用於英國消費者可以看到的所有促銷活動。

Response 回應

We continue to believe that operating a separate UK social media profile and using geo-location tools to redirect consumers automatically are strategies that firms should consider to mitigate the risk that UK consumers are directed to the website of an unregulated overseas entity. Many potential mitigation strategies may be suitable for firms to address this risk and it is up to firms to consider what they believe is appropriate for their circumstances, if they do not believe that these strategies are.
我們仍然認為，營運獨立的英國社交媒體個人資料，以及使用地理定位工具自動重新導向消費者，都是企業應該考慮的策略，以降低英國消費者被導向至不受監管的海外實體網站的風險。許多潛在的緩解策略都可能適合企業處理此風險，如果企業不認為這些策略適合其情況，則應由企業自行考慮。
We’ve amended paragraph 27 from the Guidance Consultation to reflect that the test for whether the financial promotion restriction applies is whether the promotion is capable of having an effect in the UK.
我們已修正《指引諮詢》第 27 段，以反映金融促銷限制是否適用的測試準則，是該促銷是否能在英國產生效果。
We’ve also amended this section of the Guidance to explain more clearly when a financial promotion communicated by an unregulated overseas entity or a shared social media profile may be capable of having an effect in the UK and so be subject to the financial promotion restriction.
我們也修訂了《指引》的這一節，以更清楚地解釋在何種情況下，不受監管的海外實體或共用的社交媒體檔案所傳播的金融促銷可能會在英國造成影響，因此須遵守金融促銷限制。
In particular, the Guidance explains that the broad scope of the restriction means that financial promotions communicated by an unregulated overseas entity through a social media profile shared with a regulated UK firm is likely to be capable of having an effect in the UK. Firms should consider whether promotions from their shared profiles and the profiles of overseas entities in their group are subject to the financial promotion restriction and, if so, whether an FPO exemption to the restriction applies or how these promotions are otherwise being communicated legally.
《指南》特別解釋，該限制的範圍廣泛，意味著不受監管的海外實體透過與受監管的英國公司共享的社交媒體個人資料傳播的金融促銷可能會在英國產生影響。企業應考慮其共用個人資料及其集團內海外實體的個人資料中的促銷活動是否受金融促銷限制，若是，是否適用 FPO 豁免限制，或這些促銷活動如何合法傳播。

Question 5: Do you have any comments on the proposed guidance we've set out on the financial promotion perimeter? Please highlight any other issues that would be useful to consider.
問題 5：您對於我們就金融推廣周界所提出的建議指引有任何意見嗎？請強調任何有助於考慮的其他問題。

Several respondents called for more direct regulation of influencers, with suggestions to create a charter of good practice, create a licensing scheme or mandatory compliance training for influencers, or require influencers to declare their financial interests when communicating promotions. Several respondents called on us to do more to promote awareness of our rules among influencers.
幾位回應者要求對影響者進行更直接的監管，並建議建立良好行為憲章、建立發牌制度或強制影響者接受合規訓練，或要求影響者在傳播促銷時申報財務利益。幾位回應者呼籲我們採取更多措施，提高影響者對我們規則的認知。
One respondent asked if we could give examples of influencers communicating promotions on social media that would not be considered ‘in the course of business’ (the business test) and so not be subject to the financial promotion restriction.
一位回應者詢問，我們是否可以舉例說明，有影響力的人在社交媒體上傳播促銷訊息時，不會被視為「在業務過程中」（業務測試），因此不受財務促銷限制。
Some respondents asked us for guidance on additional emerging features on some social media platforms, such as whether X’s opt-in ad revenue sharing model made all posts on that platform ‘in the course of business’.
有些回應者要求我們就某些社群媒體平台的其他新興功能提供指引，例如 X 的選擇性廣告收入分享模式是否使該平台上的所有文章都是「業務過程中」發表的。

Response 回應

As our response to question 3 indicates, we believe that existing regulatory structures provide appropriate regulation of influencers to support good consumer outcomes. We do not believe it is necessary to introduce any additional regime for monitoring or ensuring compliance of affiliate marketers, such as influencers, at this time. We will continue to monitor the way firms and influencers communicate financial promotions on social media to ensure that our rules provide appropriate protection for consumers.
正如我們對問題 3 的回應所示，我們相信現有的監管結構已對影響者提供適當的監管，以支持良好的消費者結果。我們認為目前沒有必要引進任何額外的制度來監督或確保聯屬營銷商 (例如影響者) 的合規性。我們將持續監督公司和影響者在社交媒體上傳播金融促銷的方式，以確保我們的規則能為消費者提供適當的保障。
As the Guidance indicates, affiliates and influencers should be aware of the standards and expectations set by the ASA. The Guidance discusses several relevant standards, including the ASA’s update on their expectations of influencer advertising and the UK Code of Non-broadcast Advertising and Direct and Promotional Marketing (the CAP code).
如《指導方針》所示，聯營公司和影響者應瞭解 ASA 制定的標準和期望。指南》討論了多項相關標準，包括 ASA 對影響者廣告期望的更新，以及《英國非廣播廣告及直接和促銷守則》（CAP 守則）。

As set out by the ASA, influencers are already expected to make any content featuring or referring to a brand to which they are personally or commercially connected obviously identifiable as advertising.
根據 ASA 的規定，影響者應將任何以其個人或商業關係為特色或提及品牌的內容明顯識別為廣告。
As the examples in this Guidance make clear, many typical uses of social media by influencers are likely to satisfy the business test for the financial promotion restriction. The purpose of this Guidance is to make it clear to influencers that promotions they communicate on social media are likely to be within our perimeter where they have some commercial interest in what they are posting and encourage them to consider their obligations. We believe the current set of examples is appropriate to accomplish this.
本指南中的範例清楚說明，影響者對社交媒體的許多典型使用，都可能符合財務宣傳限制的商業驗證。本指引的目的是向影響者清楚說明，他們在社交媒體上傳達的促銷訊息很可能屬於我們的範圍，因為他們在所發佈的訊息中有一定的商業利益，並鼓勵他們考慮自己的義務。我們認為目前的範例適合達到此目的。
As the examples in the Guidance also make clear, if a user of social media is earning revenue from their use of a platform, particularly where they have opted-in to earn that revenue, their communications on that platform are likely to be made ‘in the course of business’. Influencers and other users should be aware of how emerging features of social media may affect their obligations under our rules.
指引中的範例也清楚說明，如果社交媒體使用者透過使用平台賺取收入，尤其是當他們選擇加入以賺取該收入時，他們在該平台上的通訊很可能是「在業務過程中」進行的。影響者和其他使用者應瞭解社交媒體的新功能可能如何影響他們在我們的規則下的義務。

Question 6: Do you have any additional comments on our proposed guidance or think there are any other topics we should consider?
問題 6：您對我們建議的指引是否有任何其他意見，或認為有任何其他議題我們應該考慮？

Most respondents to this question were individuals providing information on alleged scams or frauds they had encountered online or had seen reported by the media.
這個問題的大多數回應者都是個人，他們提供的資訊都是關於他們在線上遇到的或媒體報導的詐騙或欺詐行為。
Several respondents called for more support to combat scams, particularly those that mimic a firm’s branding to deceive consumers. Several respondents called for the Guidance to be more prescriptive about how promotions can be made on social media to make it easier and faster for platforms to identify fraudulent promotions and remove them. Some respondents argued that unauthorised content from unregulated persons was creating the most consumer harm on social media and called for us to do more to disrupt this kind of activity.
幾位回應者要求提供更多支援以打擊詐騙，尤其是那些模仿公司品牌以欺騙消費者的詐騙。幾位回應者要求《指引》更明確規定如何在社交媒體上進行促銷，讓平台更容易、更快速地識別詐騙促銷並將其移除。有些回應者認為，在社交媒體上，未經授權、來自未受監管者的內容對消費者造成的傷害最大，因此呼籲我們採取更多措施來阻止這類活動。
Several respondents suggested additional rules for us to consider. This included licencing platforms to communicate only certain kinds of financial promotions or banning all financial promotions on social media.
幾位回應者建議我們考慮其他規則。這包括授權平台只能傳達特定類型的金融促銷，或禁止社交媒體上的所有金融促銷。
Several respondents asked for more specific guidance on various topics. This included the use of hashtags in promotions, what is appropriate record-keeping by firms to evidence compliance, and the definition of ‘social media’.
幾位回應者要求針對不同主題提供更明確的指引。這包括在促銷活動中使用標籤 (hashtags)、企業如何保存適當記錄以證明合規，以及「社交媒體」的定義。

Response 回應

We thank respondents for providing information on alleged scams in their responses to us. We’ve considered all the information received in line with our usual process.
我們感謝受訪者在給我們的回覆中提供有關涉嫌詐騙的資訊。我們已依照慣常程序考慮所有收到的資訊。
If you’re suspicious about an investment you’ve seen online, or a financial service you’ve paid for, please report it to us. We look into every report we receive, and it could help protect others. Our website contains information about how to report scams or an unauthorised firm.
如果您對您在線上看到的投資或您支付的金融服務有懷疑，請向我們報告。我們會調查我們收到的每一份報告，它可以幫助保護其他人。我們的網站包含有關如何舉報詐騙或未經授權公司的資訊。
Fighting financial crime is a priority for the FCA and a key commitment in our three-year strategy. In addition to this updated Guidance, the FCA is taking a lead role in influencing technology companies to implement effective controls to stop scams, or otherwise illegal promotions, from appearing on their platforms. Even if these companies are not regulated firms, we regularly and proactively engage with them on issues that we know are affecting customers and retail investors, sharing our intelligence and practical suggestions for positive changes. Following this engagement, many of the largest search engines and social media platforms have implemented new financial services verification policies to ensure they only allow financial promotions that are made by, or with the approval of, authorised persons.
打擊金融犯罪是 FCA 的首要任務，也是我們三年策略的主要承諾。除了這份更新的指引之外，FCA 還擔當著領導的角色，影響科技公司實施有效的控制措施，以阻止詐騙或其他非法促銷活動出現在他們的平台上。即使這些公司並非受監管的公司，我們也會定期主動與他們接觸，討論我們知道會影響客戶和散戶投資者的問題，分享我們的情報和實用建議，以進行積極的改變。在我們參與之後，許多最大的搜尋引擎和社群媒體平台都已實施新的金融服務驗證政策，以確保只允許由獲授權人士所進行或經他們核准的金融促銷活動。

We continue to engage with all major online platforms to ensure they do not allow or facilitate unlawful financial promotions or other unlawful conduct relating to financial services. We also continue to work closely with partners in regulated firms, government, law enforcement agencies and other regulators to prevent and disrupt illegal online promotions. This includes working with Ofcom to create a shared understanding of the obligations of online services under the Online Safety Act and financial promotions legislation.
我們繼續與所有主要的線上平台合作，以確保它們不允許或協助非法金融促銷或其他與金融服務相關的非法行為。我們也會繼續與受監管公司、政府、執法機構及其他監管機構的合作夥伴密切合作，以預防和阻止非法線上促銷活動。這包括與通訊辦公廳 (Ofcom) 合作，就線上服務在《線上安全法》和金融促銷立法下的義務建立共同的理解。
Social media is an increasingly important channel for engaging consumers and giving them the information they need to make informed and effective decisions about their financial lives. We will continue to monitor consumer outcomes and emerging harms from financial promotions on social media and adjust our rules and expectations as required to support good consumer outcomes. We do not believe that banning all financial promotions on social media would support consumer understanding or good consumer outcomes. When presented in the right way, by providing balanced and timely information about benefits and risks, financial promotions on social media can help consumers access financial products and services that meet their needs.
社交媒體是一個日益重要的管道，可讓消費者參與其中，並提供他們所需的資訊，讓他們對自己的財務生活做出明智且有效的決定。我們將持續監控消費者的結果，以及社交媒體上的金融促銷所造成的新興傷害，並視需要調整我們的規則和期望，以支持良好的消費者結果。我們不認為禁止所有社交媒體上的金融促銷會有助於消費者瞭解或支持良好的消費者結果。社交媒體上的金融促銷只要以正確的方式呈現，提供均衡且及時的利益與風險資訊，就能幫助消費者取得符合其需求的金融產品和服務。
This Guidance updates our expectations to take account of some new features of social media since the last Guidance was published in 2015. As several respondents pointed out, social media platforms continue to evolve rapidly. We cannot address or anticipate every new feature. We believe this Guidance, considered alongside our other relevant rules, policy statements, and guidance, offers firms and others communicating financial promotions on social media suitable information to comply with their obligations and deliver good consumer outcomes.
本《指引》更新了我們的期望，以考慮到自 2015 年發佈上一份《指引》以來社交媒體的一些新特點。正如幾位回應者所指出的，社交媒體平台持續快速發展。我們無法處理或預測每個新功能。我們相信，本指引與我們的其他相關規則、政策聲明和指引一併考慮，可為在社交媒體上傳播金融促銷訊息的公司和其他機構提供合適的資訊，以履行其義務並提供良好的消費者結果。

Access the full text of the Guidance Consultation
存取指引諮詢全文

Annex 2 附件二

Abbreviations used in this paper
本文使用的縮寫

Abbreviation 縮寫	Description 說明
APR	Annual percentage rate 年百分比率
ASA	Advertising Standards Authority 廣告標準管理局
BNPL	Buy-now-pay-later 即買即付
CAP Code CAP 代碼	UK Code of Non-broadcast Advertising 英國非廣播廣告守則
CBA	Cost-benefit analysis 成本效益分析
CEO	Chief executive officer 首席執行官
CFDs 差價合約	Contracts for differences 差異契約
FCA	Financial Conduct Authority 金融行為管理局
FG	Finalised guidance 最終指南
FPO	Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 2000 年金融服務與市場法（金融推廣）2005 年法令
FSMA	Financial Services and Markets Act 2000 2000 年金融服務與市場法案
HCSTC	High-cost short-term credit 高成本短期信貸
HRIs	High-risk investments 高風險投資
MAR	Market Abuse Regulation 市場舞弊規範
MLRs	Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 2017 年洗錢、恐怖主義融資及資金轉移（付款人資訊）法規
OP	Occasional paper 偶發文件
P2P	Peer-to-peer 點對點
PECR	Privacy and Electronic Communications Regulations 2003 2003 年隱私與電子通訊法規
PERG	Perimeter Guidance Manual 周邊指引手冊
PS	Policy statement 政策聲明

Abbreviation 縮寫

Description 說明

RAO

2000 年金融服務與市場法》（受監管活動）2001 年法令

Financial Services and Markets Act 2000 (Regulated Activities) Order

2001

RMMIs

Restricted mass-market investments
受限制的大眾市場投資

s19

Section 19 第19節

s21

Section 21 第 21 節

SYSC

高級管理安排、系統和控制原始資料手冊

Senior Management Arrangements, Systems and Controls

sourcebook

United Kingdom 英國

WCAG

Web Content Accessibility Guidelines
網頁內容無障礙指引

All our publications are available to download from www.fca.org.uk.
您可從 www.fca.org.uk 下載我們的所有刊物。
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要求替代格式
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Finalised guidance on financial promotions on social media 社交媒體上的金融促銷指南定稿

Contents 內容

Chapter 1 第一章

Introduction 簡介

Background 背景資料

Who this Guidance affects本指南的影響對象

How this links to our objectives這與我們的目標有何關聯

Equality and diversity considerations平等與多樣性考量

Costs and benefits of our proposals我們建議的成本與效益

The regulatory regime 監管制度

Chapter 2 第二章

Financial promotions on social media社交媒體上的財務促銷

What is a financial promotion?什麼是財務促銷？

Abstract 摘要

Abstract 摘要

Our financial promotion rules我們的財務促銷規則

Standalone compliance 獨立合規

Prominence 顯著性

Suitability of social media for financial promotions社交媒體是否適合金融促銷

High-risk investments (HRIs)高風險投資 (HRI)

Prescribed risk warnings 訂明風險警告

Compliance with the regime for unregulated non-UK based entities遵守不受監管的非英國實體的制度

Chapter 3 第三章

Marketing strategies 行銷策略

The Consumer Duty 消費者義務

Recipients sharing or forwarding communications收件人分享或轉寄通訊

Unsolicited promotions 未經請求的促銷

Approval and record-keeping核准與記錄保存

Affiliate marketing 聯盟行銷

Chapter 4 第四章

Influencers and social media platforms影響者和社交媒體平台

What is an influencer? 何謂影響者？

Get it right - The checklist for responsible financial promotions正確處理 - 負責任的金融促銷清單

Other policies to be aware of其他需要注意的政策

Social media platforms 社交媒體平台

Firms and their responsibilities as approvers of financial promotions公司及其作為財務宣傳批准人的責任

'In the course of business'在業務過程中

An influencer is directly compensated by a firm and issues posts encouraging followers to use the firm's services.影響者直接從公司獲得報酬，並發佈文章鼓勵追隨者使用公司的服務。

An influencer is not currently employed by a firm but is promoting a firm's services to generate revenue from a relationship with the firm in the future.有影響力的人目前並非受雇於公司，而是推廣公司的服務，以便在未來與公司建立關係，從中獲取收入。

Abstract 摘要

Annex 1 附件一

Feedback Statement 反饋聲明

GC23/2: Financial promotions on social mediaGC23/2：社交媒體上的金融促銷

Summary of feedback received收到的回饋摘要

Response to feedback received對收到的回饋的回應

Response 回應

Response 回應

Abstract 摘要

Question 3: Do you agree with our approach to affiliate marketing? Please explain your answer, highlighting any other issues that would be useful to consider. 問題 3：您是否同意我們的聯盟行銷方式？請解釋您的答案，並強調任何其他值得考慮的問題。

Response 回應

Response 回應

Response 回應

Question 6: Do you have any additional comments on our proposed guidance or think there are any other topics we should consider?問題 6：您對我們建議的指引是否有任何其他意見，或認為有任何其他議題我們應該考慮？

Response 回應

Annex 2 附件二

Abbreviations used in this paper本文使用的縮寫

Finalised guidance on financial promotions on social media
社交媒體上的金融促銷指南定稿

Who this Guidance affects
本指南的影響對象

How this links to our objectives
這與我們的目標有何關聯

Equality and diversity considerations
平等與多樣性考量

Costs and benefits of our proposals
我們建議的成本與效益

Financial promotions on social media
社交媒體上的財務促銷

What is a financial promotion?
什麼是財務促銷？

Our financial promotion rules
我們的財務促銷規則

Suitability of social media for financial promotions
社交媒體是否適合金融促銷

High-risk investments (HRIs)
高風險投資 (HRI)

Compliance with the regime for unregulated non-UK based entities
遵守不受監管的非英國實體的制度

Recipients sharing or forwarding communications
收件人分享或轉寄通訊

Approval and record-keeping
核准與記錄保存

Influencers and social media platforms
影響者和社交媒體平台

Get it right -
The checklist for responsible financial promotions
正確處理 - 負責任的金融促銷清單

Other policies to be aware of
其他需要注意的政策

Firms and their responsibilities as approvers of financial promotions
公司及其作為財務宣傳批准人的責任

'In the course of business'
在業務過程中

An influencer is directly compensated by a firm and issues posts encouraging followers to use the firm's services.
影響者直接從公司獲得報酬，並發佈文章鼓勵追隨者使用公司的服務。

An influencer is not currently employed by a firm but is promoting a firm's services to generate revenue from a relationship with the firm in the future.
有影響力的人目前並非受雇於公司，而是推廣公司的服務，以便在未來與公司建立關係，從中獲取收入。

GC23/2: Financial promotions on social media
GC23/2：社交媒體上的金融促銷

Summary of feedback received
收到的回饋摘要

Response to feedback received
對收到的回饋的回應

Question 3: Do you agree with our approach to affiliate marketing? Please explain your answer, highlighting any other issues that would be useful to consider.
問題 3：您是否同意我們的聯盟行銷方式？請解釋您的答案，並強調任何其他值得考慮的問題。

Question 6: Do you have any additional comments on our proposed guidance or think there are any other topics we should consider?
問題 6：您對我們建議的指引是否有任何其他意見，或認為有任何其他議題我們應該考慮？

Abbreviations used in this paper
本文使用的縮寫