The Financial Services Consumer Panel claims that 57 per cent of financial promotions reviewed breeched rules, with 79 per cent of general insurance promotions breaking guidelines.
“The FSA [offers] no public scrutiny and pressure to make sure that advertisers keep to the rules in an area where it is all too easy to blind the consumer with seemingly good news headlines,” warned panel chairman John Howard.
He highlighted particular concern about these breeches as financial advertising is not covered by the normal advertising standards body.
With consumers at risk of taking on loans they do not understand and thus risking debt, Mr Howard called on the FSA to make complaints and rulings public to help consumers become aware of problems.
With 33 adverts in just one Saturday morning schedule said to be breeching the rules, Mr Howard called for the FSA to be given such powers to help stop consumers becoming confused.