ISBA Urges FSA To Introduce Ad Approval System
The Incorporated Society Of British Advertisers is calling on the Financial Services Authority to launch a special copy advice service for financial advertisers.
ISBA fears the regulator is more concerned with introducing prescriptive new rules that will apply rigidly to all financial ads, rather than with working constructively with those in the industry.
The industry body claims a copy advice service along the lines of that currently offered by the Advertising Standards Authority, would allow financial brands to assess their advertisements on a case by case basis before spending large amounts on production.
ISBA’s director of public affairs, Ian Twinn, said: “Advertisers are alarmed that new blanket regulations would restrict their ability to communicate the benefits of products in the clearest and most effective way to the advantage of consumers.”
He added: “A copy advice service would be a means by which the FSA could ensure it did not regulate purely through generalised and rigid rules – an approach that rarely works effectively for advertising.”
ISBA made its comments in a submission to the latest proposal by the FSA on the introduction of ‘past performance’ data in financial ads and other commercial communications.
Earlier this year ISBA warned that the introduction of past performance statistics in pension advertising could seriously reduce the amount of financial product advertising produced. It claimed the new regulations ‘misunderstand the role of marketing’ (see ISBA Warns Against New Financial Ad Regulations).
Back in January the FSA enlisted the help of consumers to crack down on misleading financial adverts and published a set of guidelines help consumers understand the rules relating to the promotion of financial services (see FSA To Crack Down On Misleading Financial Ads).
ISBA: 020 7499 7502 www.isba.org.uk
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