Financial Institutions should begin by taking the following steps:
1. Review and/or put in place employee policies regarding endorsements.
2. Provide training and regular reminders on endorsement rules to employees, contractors and compensated reviewers.
3. Set up mechanisms to monitor posts by employees, consumers and marketing firms that are related to the company’s products or services.
4. Develop an ethics policy that is strictly enforced, and instruct employees not to post false or misleading reviews of your institution's products or competing products/brands.
5. Be familiar with the terms and conditions of social media platforms.
Learn more about Jack Holzknecht’s webinar Understanding the FTC Endorsement Guides