Ads featured in regional newspapers, which do not conform to industry standards on credit promotions and could contribute to the debt management problems of some consumers, have been reduced by 31.5 per cent in the last two years, according to the OFT.
This success has been put down to the efforts of the OFT and the Local Authority Trading Standards Services, which formed an enforcement partnership designed to limit the amount of potentially misleading credit advertising.
Alan Williams, senior director of markets and projects services at the OFT, said: “The law requires that credit adverts should be clear, balanced and not misleading.
“Businesses must ensure that consumers receive full and accurate information about the type and cost of the product and services being offered so that consumers are enabled to make informed choices.”
The OFT recently conducted discussions with the Yorkshire-based credit company the One Stop Money Shop with the aim of ensuring their advertising does not contribute to their customers debt management problems.