Advertising

As with any advertising the FSA and CCA rules stipulate that the advert must be clear and not misleading.   Unfortunately it is not as simple as that and a host of other rules apply depending on the content of the advert.

Some of the key issues we find with adverts which are often overlooked include:

• Wealth warning prominence and correct format
• Failure to note any fee wording
• Missing APR overall cost for comparison wording
• Out dated content and old IDD versions
• False claiming of service provided or what can be offered
• Sub prime disclosure rules

Has all your advertising been approved and can you be sure it's compliant?   Is your content up to date?   Have you kept records of the checks and any APR calculations?   Advertising approval is not as expensive as you may think.

H3 Consultancy can check any form of advertising from small radio ads to multi page websites, we will thoroughly check though the content and provide a report with any recommended changes, and we then provide a final check once those changes have been made to sign the advert off as compliant. We can also check and sign off any stationary, business cards, letterheads, compliment slips before you pay to have these printed.

Qualifying credit

Credit (including a cash loan and any other form of financial accommodation) provided in accordance with an agreement under which:

(a) The lender is a person who enters into or administers regulated mortgage contracts; and

(b) The obligation of the borrower to repay is secured (in whole or in part) on land

Key issues to watch

The advert must make it clear what the consumer is purchasing so that they can make an informed choice. General issues seen include: insufficient product information, and an unfair or unrealistic impression of the product.

Firms have a greater knowledge of the product or service they provide, and so responsibility lies with the firm not abusing such knowledge by misleading customers who are not as clued up. Some key areas include: showing overly prominent or cherry-picked data on past performance, creating unrealistic expectations; and making savings claims which are misleading for the target market.

The advert must be balanced, as marketing for the business is the priority for firms often adverts can be biased towards sales and not give a fair interpretation of what's available. Such as misleading headline claims, small print and insufficient prominence given to key risks.

Please contact us for a no obligation quotation and more information.

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