The Advertising Standards Authority (ASA) has upheld three complaints against an advertising campaign by CurrencyWave.
The complaints were brought by the Transparency Task Force, which alleged that the ad misleadingly suggested that CurrencyWave provided the services, because they understood they were carried out by CurrencyCloud. The full ruling is here.
Transparency Task Force also challenged whether the cost comparison information in the ad was misleading and could be substantiated.
The ASA ruling said use of the phrase “powered by” was insufficient to clarify the nature of the relationship between CurrencyWave and CurrencyCloud in its ad.
“Because the ad gave the impression that the foreign exchange payment services and financial transactions were provided by CurrencyWave when that was not the case, we concluded that the ad was misleading and breached the [ASA] code,” an ASA adjudicator wrote in the ruling.
The watchdog said that the ad breached CAP code (Edition 12) rules 3.1, 3.3 (Misleading advertising), 3.9 and 3.10 (Qualifications). The ASA’s review panel also found that the ad had implied that CurrencyWave was authorised by the FCA when that was not the case.
“We considered the claims and impression of the ad was likely to mislead,” the watchdog said. “On this point the ad breached CAP code.”
The ASA also found that cost comparison information contained within the ad was likely to mislead individuals and was also in breach of the code. The watchdog ruled that the ad must not appear again in the form complained about.
A spokesperson for CurrencyCloud said: “CurrencyCloud has a positive relationship with both the ASA and the FCA and works closely with both of them, as well as our clients, to ensure standards are met.”
Financial Promoter has contacted CurrencyWave for further comment.