2013-10-30 18:08:05 - UK financial services companies risk falling foul of the new industry regulators because of outdated web content. The good news is that there is a way to ensure everything on a web presence is working properly without having to resort to time-consuming manual checking.
In running a content audit Web governance specialists Sitemorse have found that nearly nine out ten of the top 250 UK financial service sector websites have removed references to the Financial Services Authority – which disappeared in April from their primary website 'home page'.
The FSA was replaced by two new regulators from April, and new rules say all websites regulated must disclose the fact on all external communications.
New regulator the Financial Conduct Authority (FCA) has already made a splash with tough warnings about new regulations for payday lender companies.
And although the financial services companies – which include all the main banks and building societies, as well as a host of household names – have until early next year to comply
with the new rules, Sitemorse believes there are real risks for companies who underestimate how many websites they have online, and who do not make sure that all content is up to date.
Sitemorse CEO Lawrence Shaw said financial companies with ‘unknown’ web, mobile and social assets online, where content may be inaccurate or outdated and security is compromised, could not comply with tough new regulation aimed at those who have poor systems and controls.
Each quarter Sitemorse publishes a ranking of the key 250 or so websites across the financial (UK) services sector. We look at the top 125 pages of each site, reading the content and checking the delivery infrastructure looking for factors that could affect User Experience (UX), Search Capability (SEO) and Governance or compliance (GRC).
For the Q3 2013 report and ranking we added an additional review to the audit, whilst reading the content we included a check for any words, links or terms relating the now replaced Financial Services Authority (FSA).
The results were surprising. More than 8% of the pages checked contained a ‘prominent’ reference to the FSA on the first and considered ‘home’ page of the organisation’s website.
A large number of financial sector companies already use Sitemorse services to keep track of their web content to ensure sites are error-free, accessible, easy to navigate and compliant with web regulation.
• One company we have worked with estimated using corporate records that they had 300 websites online. Using our intelligent search technology we were able to identify in excess of 1,300 sites that were actually within the web estate, all in only a few days.
• A full asset (fixed, mobile and social web presences) categorisation was conducted and a prioritised plan was developed to achieve regulatory compliance within the prescribed deadlines, with each site audited and content (images, words, PDFs, links and email addresses) reviewed for any reference to FSA, and reporting produced that detailed to each content editor the exact location of any change that needed to be made.
• Huge savings of more than £300,000 were made against the likely cost of manually checking the huge number of potential pages involved.
Automating the process of checking pages for compliance makes all the difference, says Lawrence Shaw.
“A manual review of page content can be time consuming, prone to human error and limited to the known pages of websites. To index an average site and catalogue all pages can take 2-3 days, even with a large amount of manpower.
“We can audit the live content of more than 3,000 sites in a single day and we estimate a saving of something like 75 per cent over what it would cost for a team to do such a web audit manually” he added.
For a copy of the sector summary, please email us. We also offer summary review of your digital presence at no charge - please contact Sara Tory firstname.lastname@example.org
Sitemorse is a trusted and mature company which over the last decade has developed a unique technology to provide a range of products which help keep any organisation’s websites running efficiently and compliantly.
Sitemorse has developed a unique software engine providing the power behind a range of invaluable products which enable organisations to really know what they have online, maintain a high level of digital governance and keep ahead of international web compliance requirements.
Market-leading products powered by the unique Sitemorse engine keep the websites of hundreds of organisations efficient and compliant and help web operators provide a great experience for many millions of their web users.
For further Information: Geoff Paddock, Head of Communications on +44 207 183 5588 gpaddock@Sitemorse.com