A new digital advertising code to constrain how the financial services in the UK promote their services, which will allow the Advertising Standards Authority (ASA) to look into complaints about misleading or inappropriate advertising, is to come into effect next month.
The move will mean the ASA has enhanced powers to investigate any problems concerns online ads by banks, building societies, investment companies and other sectors of the financial world, and can clamp down on ads that are confusing to the public. The ASA are currently not allowed to examine complaints about ads that are only published on websites.
With more online ads being referred to the ASA in recent years, now amounting to around 15 per cent of the total complaints received, the authority from the beginning of next month will have the ability to follow up complaints about advertisements or advertisement feature-style articles that are claimed not to be legal, decent, honest or truthful on a financial service company's website.
They will also be able to disclose full details of advertisers who have contravened the new code, and demand the removal of any pay-per-click adverts that are thought to transgress it. With the ASA being obliged to follow up every claim made, the financial services industry will need to consider all their online ads more carefully in the future.
New code on online banking ads should bring clarity
Financial Services > e-banking > Banking news
New code on online banking ads should bring clarity
Thu, 17 Feb 2011
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