First of all, I would applaud the fact that TML was trying something different in its advertising, as it is always difficult to come up with something original. However, I think it has missed the point with it.
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I don’t know how much business it would have got out of it but I’m sure it’s not much. If your phone goes off in the pub and it’s a mortgage firm offering you a remortgage, I think the reaction for most people would be just to delete it and get on with their lives. Also, if it is getting any business, the quality of client must be fairly far down the list because I just don’t see anyone who has any semblance of knowledge about financial services getting a mortgage on the back of a text message.
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However, the fact that text messages need to be as short as possible to get people to notice means that there is no way it could ever be compliant. My compliance department rang me several times over the size of the font on my website, so if the message is as bad as implied in the story, the FSA must surely take some action over this.
The regulator needs to come down much harder and focus on those obvious examples of rule-breaking, rather than worrying about silly things like font sizes.
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