I rely largely on word of mouth for my business, because I can’t afford to get Financial Promotions wrong. There are so many guidelines. Surely it would make more sense to have a set template. Wouldn’t that save time, worry, and money? I know a few firms offer a white-label approach, but until these receive widespread industry, and regulatory, approval, I remain sceptical over their use.
Font sizes and the need for all different facts and figures on Financial Promotions that the average consumer has little knowledge, or indeed immediate interest in, seems to have little impact on the consumer about what they choose.
Surely firms blatantly flouting the rules, with regards to printing misleading information to the detriment of consumers, advertising one thing and giving another, should be punished. But to have a go at a firm for just mis-sizing some of the information is, in my opinion, taking it a step too far. Of course firms should have a responsibility for providing all of the information, but at the moment many firms, like mine, are scared of advertising for fear of the repercussions.
With all of the information that has to be included within the Financial Promotion, is it any surprise that the FSA found many firms had failed to fully grasp its Financial Promotions advertising guidelines?
I can’t wait for the regulator to introduce a principles-based approach to the area of Financial Promotions. With set guidelines many of us are confused – just what will it be when we are given even more of a free rein?
Stuart
Via e-mail
