OMG, LOL, ASIC seems to be serious about social media

Outsider happens to know that the Australian Securities and Investments Commission (ASIC) has a very serious social media strategy, but he really does wonder whether any of the senior executives at ASIC have ever been “trolled”.

In Outsider’s experience watching Money Management's social media channels, instances of trolling occur daily, if not hourly, and need to be recognised for what they usually are – barbed snipes.

Thus, Outsider wonders whether ASIC is being entirely sensible in suggesting that financial planning businesses should be required to count social media comments as “complaints” for the purposes of internal dispute resolution “IDR”.

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The problem with social media is that many of the comments are anonymous or of dubious origin, and Outsider pities the poor soul tasked with determining what is a spur-of-the-moment snipe, and what is a genuine complaint.

Outsider more than most understands the value of a nom-de-plume, and therefore urges #ASIC to be very careful about making too much of #twitter or #facebook. LOL, whatever that means.

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