Social media lend themselves to two great handicaps: the low barrier to entry means that almost anyone can start tweeting or set up a Facebook account and pretend to be a public intellectual, with views on any and everything; and, one of the crosses we in this neck of the woods have to bear, they may even pretend to be so-called citizen journalists.
One contradiction is that thousands of journalists, from print, broadcast and television, with access to millions of listeners, viewers and readers, still find it necessary to pretend that something they could not say in hundreds of printed words or minutes of broadcast time, still can be properly explained in 140 characters, especially if they want to convince their followers what they have to say is important. It is ridiculous.
Of course, like most things, there are no absolutes and social media can often be useful tools for expanding the public discussional agenda, or even drawing would-be clients to one’s services and products.
There is also the expectation that social media would create an additional public space in which the professional media can be challenged on their veracity. What has occurred, however, is that largely it has often become a tool for self-promotion (YouTube), or self-indulgence.
Frankly, if the new retail regulatory paradigm puts the consumer at the very heart of business, then it follows that 140 characters cannot do customers any favours, no matter how imaginative the writing skills of the author.
But, I fear, a lot of it is over-blown and exaggerated and like most fads will be lost in the mist of time. Of course, a lot of social media can be useful in that it improves communication across boundaries and cultures, have greatly reduced the snail pace of traditional letters and have become tools for new commercial products, all of which are good for us.
One intervention the City regulator should make is to monitor the language and ethical behaviour of those in retail finance addicted to the use of social media.
At a time when the general public is said not to be financially literate, it is important that invitations or offers sent via social (digital) media must form part of any future contract.
It is important that in the mad rush for a competitive advantage firms do not cut corners when it comes to product or service promotion or promises. The exhortation to be fair and not misleading does not go nearly far enough. What is needed is a far more powerful prohibition with a stiff penalty for any infringement.
Nevertheless, there is no doubt that the invention of information and communication technology is for the good, but often the unintended consequences of these developments can catch us wrong-footed.
