The majority of financial advertisement do not meet the standards required by
the Financial Services Authority, mid-tier firm Grant Thornton has claimed.
Research by the firm found that 76% of adverts fell below the benchmark
required by the FSA.
Common problems include advertised interest rates not being available, the
use of scare tactics, untrue claims and the excessive use of small print.
Grant Thornton found significant flaws in 84% of all retail investment
promotions and 81% of mortgage promotions. Insurance advertisements and
promotions fared slightly better with 61% being found deficient.
Ian Gorham, a partner with the firm’s financial markets group, said: ‘These
flaws are driven by intense competition to attract customers, but the UK
financial services industry has had enough recent scandals in areas such as
pensions and endowments, and it is time to adopt the necessary checks and
balances to give investors the correct information.’
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