FSA tackles financial advertising
6 July 2004
A new hotline has been launched to receive consumer complaints regarding misleading financial advertisements.
The Financial Services Authority - the UK's financial watchdog - launched the service on the 6th July, with the aim of ensuring that banks and loans companies exercise caution before advertising their financial products.
As many as 30 staff will deal with consumer complaints, which deal with misleading ads appearing online, on television, in the press and via direct mail.
Anna Bradley, FSA director of retail themes, said: "Hundreds of thousands of financial ads appear every year on TV, radio and in the press. To help us put an end to misleading ads, we need the eyes and ears of the public."
She added: "The hotline will make it much easier for consumers and firms to report on ads they believe flout the rules and will enable us to act quickly and if necessary remove the offending material before someone loses out."
The hotline can be used by businesses, as well as consumers, to report those who are making misleading claims.
The FSA reveals that an estimated £683 million was spent advertising financial products on television and in the press last year alone.
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