Making compliant videos and podcasts is a thing. And at Contentworks we’re pretty good at it. While many sectors have a free reign to do as they please, heavily governed industries like the finance sector need to tread carefully. Regulatory bodies have their binoculars out and are ready to pounce on brands that are non-compliant. But how can you make compliant videos and podcasts that tick all the boxes yet won’t anger the finance overlords?
Video marketing is blossoming. A whopping 75% of people watch videos every week and 58% view this type of content daily. Videos on landing pages can increase conversion rates by 80%. And consumers retain 95% of a message when they watch it in a video compared to 10% when reading it in text. Right now, there are over 500,000 Apple Podcasts in 100 languages too and this number is climbing.
#1 Be Fair, Clear and Not Misleading
As you know, there have been an awful lot of rules and regulations to wade through this year. It’s been a rollercoaster, but the good news is you’re probably up to date with all the latest from regulators such as the FCA and CySEC. These clearly state that all promotional content regardless of its form must be fair, clear and not misleading. Hopefully, you’ve had time to refine your skills, but if you’re still a little unclear, here are some useful hints.
- Do not tell traders how to invest or offer any information that could be considered advice. This really is a big no-no and could land you in hot water.
- Content shared on social media can end up far and wide. Therefore, produce content that’s fair, clear and not misleading even if it ends up in front of a non-intended recipient. Using software that enables advertisers to target specific groups very precisely is one way to streamline your efforts and avoid any potential confusion.
- Promote financial services in a balanced way making consumers aware of the benefits as well as any relevant risks. By over-emphasising the good bits and leaving out potential dangers you could get in a lot of trouble with the top dogs.
- Imagery matters as much as text. So don’t think you can go showing a millionaire spending his winnings from your broker just because you didn’t write it.
Below is an example from the FCA of a non-compliant (left) and compliant (right) image. The former is considered to be glorifying trading and is considered misleading. So, if you’re going to use graphics or in your video, think carefully not only about the image but the wording. Similarly, if you’re discussing your products stick to the facts and don’t make false promises.
#2 Keep Records of Significant Communications
When it comes to the process of creating compliant videos and podcasts, you must keep an adequate record of significant communications. This means having an easy-to-use content management system in place and being highly organised. You should keep copies of approvals from your legal and compliance teams and any confirmations from television networks on their advertising rules. Making sure your team knows what’s required under your regional regulations is essential.
Video communication records can help to protect your business in the event of a lawsuit, particularly if you’ve been compliant throughout and can prove it. They can also protect consumers and enable you to deal with any claims or complaints effectively.
#3 Have a Sign-Off Process in Place
No matter how obedient you think you’ve been with regards to video production for the finance sector, you must pass all content through your compliance team. There may have been something you missed and if your video goes live without it being spotted this could be a disaster. Remember, once you post a video on social platforms it has the potential to reach a high number of people very quickly. Avoid putting your reputation on the line, by having a strict sign-off process in place. Again, make sure every single member of your team, including newbies, understand your procedures.
#4 Use Video Content To Comply With Regulation Updates
Financial rules and regulations are regularly updated. So, by producing videos you can actually release up-to-date material that’s fully adapted to tweaks made by governing bodies. What’s more, you can produce videos that address compliance issues directly. For instance, new MiFID II regulations stipulate that notes must be taken following client meetings with banks and such like. Therefore, creating a post-meeting video to summarise face-to-face communication will not only help companies obey the rules, but it should speed up the process too.
#5 Don’t Be Boring
Right! We just talked about making compliant videos and podcasts but sure- don’t be boring! Your social media fans won’t watch your videos if they’re boring. Fact. So minutes of overly compliant scripting and risk warnings is a waste of time. By outsourcing your financial services video marketing to Contentworks you get the best of both worlds. A creative team who knows how to grab and maintain attention. Yet also financial services professionals who understand the rules and will work with your compliance team in an effective way.
Creating compliant videos for the finance sector is perfectly possible and something we love to do. In fact, Contentworks has worked with many leading finance and tech companies in Cyprus and across the globe to do just that. Interested in making compliant videos and podcasts and want to see some samples? Contact us today.