A team of barristers and experts in public relations and social media have produced what they describe as a charter to help stop firms getting fined for misusing websites such as Twitter.

The guidelines for using social media without flouting regulations comes weeks after the FCA outlined its own guidance on the issue and launched a consultation. 

The team behind the Social Media Charter, which has officially launched this week, said it "has been developed in close dialogue with the FCA" although it stopped short of saying it was officially endorsed.

It has been put together after many discussions with firms and professionals in the industry.

Firms can pay an annual fee to become a member of the charter and will receive training and obtain a certificate to show their compliance and understanding.
Charles Parry, an approved counsel on the Attorney-General's list, and a barrister specialising in regulatory compliance, is a part of the charter team.
At its launch, Kitty Parry, the founder and chief executive of the charter, cited research from 2011 showing 71% of employees have breached their firms social media policies as evidence of the need for such guidance.

{desktop}{/desktop}{mobile}{/mobile}

Ms Parry said: "The risks of social media are significant, even if a firm chooses not to utilise social media.
"Whether staff use personal social media platforms to voice work led issues or conversations spiral without any control, the training of employees is vital.
"This ensures thorough social media compliance, in the same way firms do this to protect themselves from money laundering situations; it will enable firms to prove to the regulators that the firm is social media compliant.
"We wholeheartedly support the FCA's mission to ensure firms can function in this space, and the Charter takes this one step further by setting the standard for excellence in compliant social media.
"With world class, legal training and listening developed by our barristers and social media experts, firms can ensure data capture for product innovation."
The group will be hosting the first ever Responsible Social Media Summit in the House of Lords in December 2014 for chief executives in the industry.
Antonio Simoes, chief executive of UK HSBC, said: "Our customers are increasingly choosing to communicate with us using social media so it's desirable that we have clear standards to meet their expectations.
"The Social Media Charter aims to achieve just that."
The Wealth Management Association said: "The expectations of wealth management clients and regulators alike can present significant challenges and opportunities for firms experimenting with social media.
"This Social Media Charter offers guidance to help firms meet those challenges and maximise those opportunities."