FSA To Crack Down On Misleading Financial Ads
The Financial Services Authority (FSA) is enlisting the help of consumers to crack down on misleading financial adverts.
The watchdog has published a set of guidelines on its website to help consumers understand the rules relating to the promotion of financial services and is encouraging consumers to report examples of ads they think are misleading.
Commenting on the initiative, Anna Bradley, consumer director of the FSA, said: “We’ll be paying particularly close attention to adverts for investment products, such as unit trusts and endowments to make sure they are meeting our clear, fair and not misleading standard.”
The FSA, which is responsible for creating the rules that relate to financial promotions, has the power to order companies to withdraw their ads, as well as being able to impose fines on companies that persistently breech the regulations.
Earlier this year the FSA proposed new restrictions on the way past performance statistics are used to sell financial service investment products. ISBA announced its opposition to the idea, warning that the introduction of such practices could seriously reduce the amount of financial product advertising produced (see ISBA Warns Against New Financial Ad Regulations).
Financial Services Authority: 020 7676 1000 www.fsa.gov.uk
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