An investigation by the City watchdog the Financial Conduct Authority (FCA) has revealed that around 20% of loan and credit companies fail to be clear in their advertising campaigns.
Results from the investigation were published by the FCA on Friday, which said that one in five adverts by credit companies, including payday loans, fell short of the regulator’s expectations.
According to guidelines, the terms of a loan must be “clear, fair and not misleading for consumers”. But an examination of 500 advertising campaigns found that key information relating to products was difficult to find or missed out entirely.
The investigation found that of those examined, 108 were identified as not meeting the rules, with adverts covering print, online, in-store and direct mail.
Clive Adamson, director of supervision at the FCA, said that it was important for customers to be able to make informed decisions, but that more can be done by firms to ensure that this is achievable.
He said, “Firms have responded well when challenged about ads which have not met the standards. We will continue to work with firms and monitor their performance in this area to ensure the high standards we are looking for are met.”
Although the FCA does not mention specific companies, the Guardian said on Friday that one company, Speedy Cash, had been giving out colouring-in sheets of its Kangaroo mascot, Speedy Roo, holding wads of cash.
The calls from the FCA follow accusations last year that some payday loan companies were “grooming” children by normalising loans through the use of “inappropriate propaganda” and making them look attractive, despite their often extremely high interest rates.
Image: Ray McCain via Flickr
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years