PwC's David Phillips response to Social Media and CR

On 3 Sept 07, I asked David Phillips, PwC's senior corporate reporting leader in Assurance Practice, a question on the PwC corporate reporting blog:

David,

Do you think that industry will eventually expect standards in social media as it impacts their products and services? I've posted a writeup on http://bizblogreview.blogspot.com.

David's response:
Fiona, I think you pose an interesting question. I think the promotion of products and services through the social media is at an early stage of its evolution, as is normally the case industry and society are happy for it to evolve as no one has been badly damaged. As with most things I am sure a point will come when industry may try to impose some form of standards (clearly at the moment some companies impose their own standards for accreditation) to ensure that individuals are not mislead and damaged by the irresponsible actions of a few.