RAB To Lobby Government Over Wealth Warnings
The RAB is expected to demand a reduction in the ‘wealth warnings’ given at the end of financial services advertisements as part of its response to the Department of Trade and Industry’s review of the consumer credit act.
The wealth warnings are currently required by law and are viewed by many as awkward additions, which are often incomprehensible and can sometimes be longer than the actual airtime adverts themselves.
The RAB has hit out at the warnings with marketplace manager, Lynne Springett, branding them ‘cumbersome’ and difficult for the majority of listeners to absorb on a fast moving medium like radio.
Commenting of the DTI’s review of the regulations governing financial advertisements, she said: “The RAB is working with other industry bodies to put together an official response to the review. What we’re trying to do is make sure that the wealth warnings and the guidelines they are proposing are going to be suitable for radio advertisers.”
Springett added: “The deadline for submissions on the consultation is next week. But I really have no idea long it will then take for the Department of Trade and Industry to deal with the responses.”
The DTI’s consultation period closes on 15 March, with legislation expected to be put before Parliament in May. It is hoped that a set of new, more streamlined regulations will be in force by the end of October.
The announcement follows a recent period of growth for commercial radio. Earlier this month saw the beginning of the end of the recent advertising downturn, with revenue increasing by almost 13% year on year during the fourth quarter of 2003 to almost £166 million (see Double Digit Growth Helps Radio Out Of Downturn).
RAB: 020 7306 2500 www.rab.co.uk
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