In a policy statement on financial promotions published today the FSA has set out its plans for a tighter rein on advertisements, which includes the setting up of a hotline for consumers to report advertisements that they think are misleading.
The FSA has also issued a reminder that firms are responsible for ensuring that their advertisements are ‘clear, fair and not misleading’.
Christine Farnish, consumer director at the FSA, said: "Most firms do adhere to the spirit of our rules. But current market conditions put the spotlight on three areas that need particular attention. They are: a lack of balance between the benefits and drawbacks of a product; claims that can lead to unrealistic expectations; and key information that gets buried in the small print. Our research shows that most consumers do not read the small print."
