To many in the financial sector, social media looks like the Wild West; too new and fast moving to be touched by real-world regulations. The Financial Conduct Authority’s preparation of updated advice on social media and financial promotions is a sharp reminder of the long reach of regulators.

The last advice from British regulators on the topic was more than four years ago, issued by the FCA's predecessor, the Financial Services Authority. It was little envisaged then how quickly Facebook, Twitter and other services would become mainstream.