FDIC compliance for financial advisory websites blog cover

FDIC Website Compliance Regulations for Financial Advisors

To no one’s surprise, the Federal Deposit Insurance Corporation (FDIC) has regulations ensuring financial websites comply with consumer protection and safety standards.

Working with a designer familiar with navigating between legal and branding can create a strong marketing strategy that passes audits while simultaneously developing new leads.

Here are some of the critical regulations to be FDIC-compliant.

1. Include a Privacy Policy

Financial advisory websites must have a privacy policy that explains how they collect and use the personal information of their users. The policy should also state how the website handles sensitive financial data.

There are numerous templates a consulting firm can use, but it’s always best to consult with your lawyer to ensure all your bases are covered.

2. Install Security Measures

When social security numbers, bank account information, and other sensitive material are passed between yourself and your client, your site must have robust security measures to protect user data from hackers and unauthorized access.

This includes using encryption technology, strong passwords, and firewalls which help prevent identity theft, phishing, and other scams.

These compliance measures are essential in offering protection for investors and transparency in your business practices.

3. Accessibility

Financial websites must also be accessible to people with disabilities, including those who are blind, deaf, or have limited mobility. 

If you, a friend from college, or an associate has created a website without the proper know-how, your SEO ranking will drop. (Yes, Google looks at accessibility too!)

4. Disclosure Requirements

Financial websites must disclose their fees, interest rates, terms, and conditions clearly and transparently.

Work with a professional website designer who will embed your disclosures in the necessary locations while keeping the site visually pleasing.

5. Compliance Management Systems

When it’s time for your audit, have a trusted system ready to manage FDIC compliance regulations.

The financial services industry is witnessing incredible year-on-year growth on social media, and in a recent survey, 79% of financial advisors said they had successfully acquired new clients through social media. Addressing this heavy usage, entities such as FINRA, SEC, and the FCA have issued regulatory notices concerning web and social media sites. These notices state that financial institutions must retain records of all business-related electronic communications to remain compliant with regulations. Failure to comply can result in hefty fines, serious reputational harm, and ultimately, substantial loss of business.

3rd-party services such as PageFreezer perform almost anything your financial advisory could need to protect your digital presence:

  • Online Data Governance
  • Monitoring & Data Loss Prevention
  • GDPR & CCPA Compliance
  • Financial Sector Compliance
  • FOIA & Open Records Compliance
  • Online Data Security and Privacy
  • Retention Scheduling & Legal Hold
  • eDiscovery & Litigation Readiness
  • Evidence Collection

Avoid reputational damage

It takes a long time for a business to establish a reputation, but it can take only a single misstep to lose it.

Compliance guidelines provide the framework for building and maintaining a desired reputation.

Work alongside a fractional CMO like Harford Designs and allow our website designers to create a compliant marketing strategy, documenting every step of the process. Ask me how I can help.

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Jessica Valis, CEO & Owner
Jessica Valis, CEO, Fractional CMO