The UK’s loan industry financial watchdog (The FSA), have recently requested that any firm operating within the financial services sector, must ensure the accuracy of any promotional material contained within their online promotional activities.
Accordingly, more than 30% of websites that were checked by the watchdog, were reported to have being displaying information, which was not considered to be “telling the full story” with regards to the features of certain products, which were on offer.
However, the watchdog has also stated that the vast majority of financial companies are compliant with their online promotional guidelines, and they also feel that the standard across the board is almost definitely improving.
Online mediums have fast become the weapon of choice for many consumers on the hunt for a variety of different financial products. In light of this trend, and as a means to protect consumers from any potential monetary difficulties, the watchdog is committed to ensuring that companies who do make their products available online, do so, on the understanding that any information that is displayed, is both clear and concise and can in no way mislead customers into making the wrong decision.
