Such problems pose challenges for the regulation of Twitter by the Financial Services Authority. It is fast becoming the medium of choice for financial firms, with a report by Corporate Insight last year showing it had surpassed Facebook as the most popular third party network. The study shows that only 15% of the firms it tracked had a Twitter profile in autumn 2008 but this had increased to 57% by October 2010.
“Our findings demonstrate that Twitter continues to gain in popularity,” the report states. “As of August 1 2011, 67% of the firms we track now have a presence on Twitter, a 10% increase in as many months. During the same time, the percentage of financial services firms with Facebook pages increased by 3% to 59% of the industry. ”